The December gold contract soared above the 800 mark today as the U.S. dollar continued to decline. Gold for December delivery added $14.80 to close at $808.50 per ounce, after earlier tapping an intraday high of $810.70 a level not touched by a front-month contract since 1980. The yellow metal's rally coincided with the euro's attainment of a new record high of $1.4527 versus the U.S. dollar. Additionally, Nymex data released late yesterday revealed that gold inventories fell by 8,493 troy ounces to 7.3 million troy ounces. Silver, platinum and palladium all posted gains today as well, with copper the lone decliner among metals.
Gold also received some support from a rally in black gold. The unexpectedly strong October payrolls report gave crude prices a boost, since a healthy economy drives demand for oil. Crude for December delivery gained $2.44, or 2.6%, to settle at a record closing price of $95.93. While some analysts suggest that the Organization of Petroleum Exporting Countries will have to boost its output, data from the Energy Department shows that OPEC members are already operating near their maximum capacity of 32 million barrels per day.