Reply #79: Spot Gold Breaks $800/Oz, Trades At New 28-Year High

[Ghost Dog]

http://www.fxstreet.com/news/forex-news/article.aspx?StoryId=c2042a5d-b7a0-403e-9dec-c40608f844d7
Fri, Nov 2 2007, 16:49 GMT
http://www.djnewswires.com/eu

Spot Gold Breaks $800/Oz, Trades At New 28-Year High

LONDON (Dow Jones)--Spot gold broke above the key technical $800 a troy ounce Friday, a figure not hit since 1980, as continued U.S. dollar weakness and inflation fears propel the precious metal higher - and market participants said gold has higher to go.

At 1640 GMT spot gold was trading at $803.40/oz.

Traders said while the U.S. dollar has held mostly steady this afternoon, inflation fears are increasingly being priced into the market and crude oil prices remain high, adding the market is trying to have a strong close to end the week technically strong.

Many analysts are predicting gold could hit its all time high of $850/oz by early 2008.

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