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.

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