Tuesday, January 15, 2008

Gold surges above $900 to historic high!


The price of gold today surged to an historic high, breaking through the $900 barrier to reach $914 an ounce.

The weakness of the dollar and the expectation of a sharp cut in US interest rates were behind the rush on the precious metal, analysts said.

Global economic uncertainty traditionally prompts investors to seek refuge in bullion, and the cheap dollar has made gold, which is traded in the US currency, more alluring to foreign investors.

Gold prices reached $914 per ounce in London this morning, up 50 per cent over the past year and 15 per cent in the past month.

The surge also prompted buyers to snap up other precious metals, with silver prices reaching a 27-year peak, platinum hitting a record, and palladium reaching a two-month high. . . .

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