Gold Closes Above $800 for First Time Since 1980

By Jon Nadler
04 November 2007 @ 09:33 am EDT

A massive 2% rally capped a fourth week of non-stop gains in gold bullion and the metal broke through the near 28-year $800 barrier with relative ease prior to Friday's closing. Gold had already regained its footing overnight, as fresh dollar selling emerged once again after yesterday's feeble attempt at a rally. The metal's powerful surge is reflective of growing apprehensions that something, somewhere in the global financial system might go awry, despite interest rate maneuvers designed to keep things going.

IBTimes Commodity Commentaries

E-Newsletters

We value your privacy. Your email address will not be shared.