Spot Gold Almost $800 as Fed Drops Rate and Dollar Continues Downwards
Source: Reuters (11/1/07)
Gold hit a 28-year high yesterday on investor buying after the U.S. dollar tumbled to a record low against major currencies and crude oil rallied to an all-time high.
Spot gold hit a high of $799.30 an ounce, its best level since January 1980, before dipping to $797.60/798.30 an ounce, still higher than $791.70/792.50 late in New York on Wednesday.
Gold scored an all-time high of $850 in January 1980, when investors bought the metal heavily in the face of high inflation linked to strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution...
Silver edged up to $14.51/14.56 an ounce from $14.47/14.52 late in New York.