Gold hits 27-year high of $800
Associated Press
Thursday, November 1, 2007
- Email this
- Print this
- Comments
- Change text size
- Subscribe to print edition
- iPod friendly
NEW YORK - After a 27-year hiatus, gold returned to the lofty price of $800 an ounce on Wednesday.
Gold prices have surged more than $100 an ounce in two months as a weak dollar, record high oil prices and concerns about world political tensions have increased the allure of precious metals as a safe-haven investment.
"One of the things that has characterized the bull market since April 2001 is that investors have perceived every dip in the price as a buying opportunity," said George Milling- Stanley, spokesman for the World Gold Council. "They have perceived gains also as a buying opportunity."
An ounce of gold gained $7.50 to settle at $795.30 an ounce on the New York Mercantile Exchange, then climbed to a peak of $800.80 ounce in electronic activity.
Post your comment
Registration is required. Click here to create your free user account, or login below.
Comments are the sole responsibility of the person posting them. You agree not to post comments that are off topic, defamatory, obscene, abusive, threatening or an invasion of privacy. Violators may be banned. Click here for our full user agreement.