NEW YORK (MarketWatch) -- Gold surged to a new 28-year high early Friday, as gains in the metal were fuelled by record-high crude-oil prices as well as the tumbling of the dollar to a new all-time low against the euro.
Gold for December delivery rallied $10.10 at $781.10 an ounce on the New York Mercantile Exchange.
Earlier Friday, gold hit $782.30 in regular trading, its highest level in nearly 28 years. The all-time high for a benchmark gold contract on Nymex stands at $875, set on Jan. 21, 1980.
"Gold is reaching new highs on the back of record oil prices and a weak U.S. dollar," said analysts at Action Economics.
Gold climbed to its "highest level since January 1980 on a combination of inflation concerns and safe-haven buying in the wake of a sensitive geopolitical environment and renewed concerns about the U.S. growth outlook," they said. "Coupled with the prospect of further Fed easing this will continue to underpin gold."
Powered by DCForum+ Version 1.1 Copyright 1997-2002 DCScripts.com
Software has been extensively modified by the DU administrators
Important Notices: By participating on this discussion
board, visitors agree to abide by the rules outlined on our Rules
page. Messages posted on the Democratic Underground Discussion Forums are the
opinions of the individuals who post them, and do not necessarily represent
the opinions of Democratic Underground, LLC.
Printer-friendly format
Email this thread to a friend
Bookmark this thread
(1000+ posts)
Send PM |
Profile |
Ignore
