Eastern Markets Bring Gold Even Nearer $800

Source: Reuters  (10/29/07)

"I think the market will aim for $800," said Darren Heathcote of Investec Australia in Sydney. "I suspect there will be some selling pressure just before, should we get that high. But certainly, the fundamental reasons are still holding good that oil prices are high and there's geopolitical concern and the dollar is weak," he said.


Gold rallied to its highest level in nearly three decades on Monday as speculative buying gained pace after crude oil struck a record high on tensions in the Middle East and the U.S. dollar tumbled to an all-time low.

Not to be outdone, platinum touched a record high before slipping, silver rallied to its best level in eight months and palladium hit a two-week high. Physical trade came to a standstill as jewellery makers watched gold prices gyrate...

"I think the market will aim for $800," said Darren Heathcote of Investec Australia in Sydney. "I suspect there will be some selling pressure just before, should we get that high. But certainly, the fundamental reasons are still holding good that oil prices are high and there's geopolitical concern and the dollar is weak," he said.

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