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And gold is back over US$920 per oz.
Gold surges into $900 territory
The precious metal rallies as the dollar softens and wary investors flee the stock market amid credit concerns and high oil.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: June 26, 2008: 2:33 PM EDT
NEW YORK (CNNMoney.com) -- Gold prices jumped Thursday, rising back above the psychologically important $900 mark, on renewed fears about the health of the U.S. economy.
Gold for August delivery settled at $32.80 to 915.10 an ounce on the New York Mercantile Exchange. The precious metal hit an all-time intraday high of more than $1,030 an ounce back in mid-March.
"Weakness in the dollar has helped propel gold sharply higher today," said James Steel, an HSBC metals analyst in New York.
In addition to the dollar's decline, gold was supported by a surge in the price of oil and signs that the credit crisis is alive and well on Wall Street.
"I think the bottom is rather limited, given the dollar and credit concerns, plus high oil prices," he said.
http://money.cnn.com/2008/06/26/mark...n=money_latest
The precious metal rallies as the dollar softens and wary investors flee the stock market amid credit concerns and high oil.
By Ben Rooney, CNNMoney.com staff writer
Last Updated: June 26, 2008: 2:33 PM EDT
NEW YORK (CNNMoney.com) -- Gold prices jumped Thursday, rising back above the psychologically important $900 mark, on renewed fears about the health of the U.S. economy.
Gold for August delivery settled at $32.80 to 915.10 an ounce on the New York Mercantile Exchange. The precious metal hit an all-time intraday high of more than $1,030 an ounce back in mid-March.
"Weakness in the dollar has helped propel gold sharply higher today," said James Steel, an HSBC metals analyst in New York.
In addition to the dollar's decline, gold was supported by a surge in the price of oil and signs that the credit crisis is alive and well on Wall Street.
"I think the bottom is rather limited, given the dollar and credit concerns, plus high oil prices," he said.
http://money.cnn.com/2008/06/26/mark...n=money_latest
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