Gold zooms towards $800
October 29, 2007
Up another $5 for Monday! Gold rallied to its highest level in 28 years on Monday and targeted $800 as oil surged to a record peak and the dollar tumbled on speculation over a U.S. interest-rate cut. Geopolitical tension in the Middle East helped push investors towards gold. “The market is in a bull run. The consensus here is that gold could reach $800 in a short term and that’s motivating the market higher. Also the risk for a U.S. rate cut is feeding the trend,” said Frederic Panizzutti, analyst at MKS Finance.
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