Gold Rush
November 2, 2007
Gold bounced back on Friday towards 28-year highs with speculators and investors betting on strong oil prices and a weakening dollar. The metal, which has gained 25 percent since the current rally started in mid-August, remained on track to breach the key technical level of $800 an ounce this year and move towards its all-time high of $850 next year, traders said. “We are still going to see dollar weakness against the euro and I think oil is going to go higher, which has also been a big driving factor behind gold’s rally,” said Tony Dobra, senior precious metals trader at Standard Chartered Bank.
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