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January 15, 2008
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Tuesday
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Muharram 05, 1429
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Gold at record peak
LONDON, Jan 14: Gold and platinum prices powered on Monday to fresh record highs as precious metals were supported by the weak US currency, traders said.
On the London Bullion Market, gold surged to an historic 911.10 dollars per ounce and silver hit a 27-year peak at 16.59 dollars per ounce.
On the London Platinum and Palladium Market, platinum jumped to a record 1,579.00 dollars an ounce.
“Gold, silver and platinum have pushed to record levels this morning as the dollar dropped further amidst speculation the Federal Reserve will cut interest rates,” said TheBullionDesk.com analyst James Moore on Monday.
The weak US dollar makes commodities priced in dollars cheaper for buyers using stronger currencies.
On Friday, gold had broken through 900 dollars an ounce for the first time during trading in New York.
Earlier on Monday, meanwhile, Hong Kong gold prices hit a record close above 900 dollars.—AFP
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