Business | Markets
Gold sets historic high above $1,000 mark
Spot gold raced higher to scale an historic peak above key $1,000-mark on Friday after the dollar hit a record low after weak US data and deepening financial market troubles in the United States.
- Agencies
- Published: 20:03 March 14, 2008
London: Spot gold raced higher to scale an historic peak above key $1,000-mark on Friday after the dollar hit a record low after weak US data and deepening financial market troubles in the United States.
Spot gold surged to a high of $1,005.50 an ounce and was quoted at $1,003.10/1,004.00 at 10:17 EDT, compared with $991.00/991.80 late in New York on Thursday.
The dollar extended losses, hitting a fresh record low against the euro and a new 12-1/2 year low versus the yen after a survey showed US consumers thought the economy was in recession.
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