Gold Retreats Back Below $760 US After Rushing to Fresh 28-Year High

Source: Thomson Financial  (10/16/07)

Gold retreated below 760 usd after rushing to a fresh 28-year high earlier as geopolitical tensions between Turkey and Kurdish rebels attracted safe haven buying and inflationary hedging against record oil prices.

Gold retreated below 760 usd after rushing to a fresh 28-year high earlier as geopolitical tensions between Turkey and Kurdish rebels attracted safe haven buying and inflationary hedging against record oil prices.

Ankara is currently discussing military action in Iraq's autonomous Kurdish region, which it believes the separatist guerillas of the Kurdistan Workers' Party (PKK) are using as a base to launch raids against Turkish military and civilian targets.

The tensions have sparked fears that rebels may target key Middle East crude pipelines, pushing oil prices to fresh record levels in both London and New York and taking gold to multi-year highs.

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