Gold Prices
November 5, 2007
Gold prices lower on Monday tracking weaker oil but held above $800 an ounce, with an ailing dollar and positive fundamentals seen helping the metal to touch a record high set in early 1980. Investors also cashed in on gold’s impressive rally, but dealers noted buying at lower levels resulting from tensions in Pakistan after President Pervez Musharraf declared a state of emergency to deal with rising militancy and a hostile judiciary.
“It is certainly a question of when, not if, we get to $850, but there is nothing on the immediate horizon to generate the fresh momentum needed. A short period of consolidation seems in order,” said Tom Kendall, metals strategist at Mitsubishi.
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