Gold Tops $800
October 31, 2007
Gold barreled above $800 an ounce Wednesday for the first time since 1980 as investors cheered the Federal Reserve’s decision to lower its benchmark interest rate by a quarter point. The Fed dropped its federal funds rate to 4.50 percent, as the markets widely anticipated. Lower rates tend to undermine the dollar and raise the allure of precious metalsas an investment alternative. The dollar stumbled to another low against the euro following the Fed’s decision on Wednesday, helping drive gold higher.
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