Gold Zooms Toward $800

Source: Reuters  (10/29/07)

"The market is in a bull run. The consensus here is that gold could reach $800 in a short term and that's motivating the market higher. Also the risk for a U.S. rate cut is feeding the trend," said Frederic Panizzutti, analyst at MKS Finance.


Gold rallied to its highest level in 28 years on Monday and targeted $800 as oil surged to a record peak and the dollar tumbled on speculation over a U.S. interest-rate cut.

Other metals also jumped, with platinum setting a life-time high, silver rallying to its best level in eight months and palladium rising to a two-week peak.

Geopolitical tension in the Middle East also lifted gold's appeal as a safe-haven asset, with speculators and investors betting on a rising market.
"The market is in a bull run. The consensus here is that gold could reach $800 in a short term and that's motivating the market higher. Also the risk for a U.S. rate cut is feeding the trend," said Frederic Panizzutti, analyst at MKS Finance.

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