Gold Hits All-Time High Above $875

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"There may be some buying ahead of these futures going live overnight," said JP Morgan analyst Michael Jansen, adding that he expects gold to trade in a range between 800 usd and 950 usd an ounce in Q1 08.

Gold hit a fresh all-time high above 875 usd in early London trade as a rebound in oil prices and further dollar weakness sparked a fresh round of buying.

"Currencies and oil are the main drivers behind this at the moment," said Commerzbank analyst Rory McVeigh. "When stops were taken out at 870 usd we saw a real rush of buying. It's held above 870 usd so we should see it consolidate now until the Americans come in later today."...

"There may be some buying ahead of these futures going live overnight," said JP Morgan analyst Michael Jansen, adding that he expects gold to trade in a range between 800 usd and 950 usd an ounce in Q1 08.

Hochschild Mining today said it maintains its stance on both the silver and gold price. "We remain positive on the fundamentals for silver and gold given continued US dollar weakness, heightened geopolitical tensions, depleted above ground stocks and increasing investment demand," the company said in its Q4 07 production results. "In addition to macroeconomic drivers, we believe strong industrial demand for silver will continue in 2008 and will reflect positively on its price."

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