As Oil Hits New Record, Gold Moves Toward $1,000

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"The target is $1,000. I personally hope it will be $1,000 within a month," said Yukuji Sonoda, precious metals analyst at Daiichi Commodities in Tokyo, adding that gold was likely to be driven by movements in oil in coming weeks.

Gold powered to a new high around $973 an ounce on Friday after crude oil set an all-time high of above $103 a barrel, igniting another round of buying from investors and speculators.

Palladium jumped to its highest level in more than six years and silver matched a 27-year peak struck on Thursday. Platinum rebounded from its lows but given the absence of new developments in South Africa's supply problems, gains are likely to be capped.

Gold jumped as high as $974.20 an ounce, up from $968.90/969.70 late in New York on Thursday. Gold has gained more than 16 percent this year, and the next upside target pegged by dealers was $1,000...

"The target is $1,000. I personally hope it will be $1,000 within a month," said Yukuji Sonoda, precious metals analyst at Daiichi Commodities in Tokyo, adding that gold was likely to be driven by movements in oil in coming weeks.

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