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$800 When?

October 16, 2007

Gold hit a 28-year high today, underpinned by record-high oil prices and geo-political tension that raised the precious metal’s profile. Prices later slipped as profit-taking set in, with the dollar’s slight gains versus the euro making bullion dearer for holders of other currencies. But having surged past $760 an ounce, some dealers have said the market is well positioned in coming sessions to close in on the $800 mark last seen in 1980 when bullion hit a record $850. Support was seen coming from further dollar weakness and strength in crude prices that would highlight gold as a hedge against oil-led inflation.

Written by Ernie · Filed Under Gold News 

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