Gold Regains $700 Amid Hopes Prices Will Rise

Source: Wall Street Journal  (9/10/07)

"I do think gold will extend this surge," said Bill O'Neill, analyst and one of the principals with Logic Advisors, who looks for prices to perhaps test $730 to $735 an ounce..."

Gold futures finally regained the much-anticipated $700-an-ounce level Friday, and analysts are optimistic prices can go higher.

A softening dollar and potential for further weakening should give gold firmer footing. The metal is dollar-denominated, so when the U.S. currrency falls, gold becomes cheaper to buy relative to other currencies...

The gains came in the wake of a weak U.S. jobs report...

"I do think gold will extend this surge," said Bill O'Neill, analyst and one of the principals with Logic Advisors, who looks for prices to perhaps test $730 to $735 an ounce..."

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