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Gold shines at new record
high near 868 dollars
AFP
Thursday January 3, 2007
Gold struck a new all-time peak of almost 868 dollars on
Thursday as the precious metal benefited from its safe-haven
status amid record high oil, a struggling dollar and Pakistan
tensions.
The price of gold reached a historic 867.90 dollars an ounce
on the London Bullion Market. It later slipped slightly to
stand at 866.90 dollars.
"The main reason for the increase was that the oil prices
have breached through the 100-dollar mark. This and a weakening
dollar, has driven the gold prices higher," said Gary
Yue, a gold dealer at Delta Asia Financial Group.
"Investors are worried about the oil prices and the
weak dollar. When the situation is unstable, they invest their
money elsewhere and this has boosted the buying interest in
gold," he said.
(Article continues below)
The precious metal, also being supported by increased jewellery
purchases in emerging economic powerhouses China and India,
had first smashed its 28 year-old record of 850 dollars an
ounce on Wednesday.
According to analysts, current price movements were being
slightly exaggerated by the lightness of holiday trade, which
meant large transactions could influence the market more than
usual.
"With 850 dollars cleared, gold could quite easily find
further upside momentum as the background picture of geo-political
tensions and unstable financial markets attracts safe-haven
seeking investors," said James Moore of TheBullionDesk.com.
Full
article here.
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INFOWARS: BECAUSE THERE'S A WAR ON FOR YOUR
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