OTTAWA - Gold, oil and the Canadian dollar shot out of the gate Monday as the plunging U.S. dollar and the prospect of continuing low interest rates sent investors searching for high-return assets.
Gold punched through historic highs, breaching the US$1,100 mark to trade up $12.30 to US$1,108 an ounce.
The Canadian dollar soared 1.64 cents US to 94.64 cents US, while oil gained US$2.37 a barrel to trade at US$79.80.
The U.S. dollar was off more than a full percent from its Friday close, with the U.S. dollar index, which measures the greenback against a basket of six major world currencies, falling to a reading of 75.04. It has plunged almost 16% since early March.
The Toronto Stock Exchange's benchmark index, meanwhile, shot up 218.17 points, to 11,468.59, within 113 points of its Sept. 22 year high of 11,585.73.
Market watchers credited the move to comments made at the G20 meeting over the weekend in Scotland, at which finance ministers and central bankers said the world was still too dependent on low interest rates and stimulus dollars to pull the plug on those economic life supports.
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