January 28, 2003	Tuesday	Ziqa’ad 24, 1423

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LONDON, Jan 27: Spot gold on Monday hit $372.55 an ounce in European trading, its firmest level since December 1996 and more than 30 per cent higher than this time last year.

On the other hand, the dollar fell to the lowest level against the euro for almost four years, but later rebounded in volatile trading dominated by worries about a possible war in Iraq, ahead of a key report by UN arms inspectors.

The single European currency rose to 1.0905 dollars at one point, the highest level since March 1999.

But the euro later eased back to 1.0817 dollars, against 1.0822 late on Friday in New York.