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Gold, oil prices soar as dollar sags
Thu, 08 Nov 2007 22:25:47
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Rising oil prices and a falling dollar have pushed up gold for the fourth consecutive trading day on the New York Mercantile Exchange.
Crude oil set a new record high of $98 a barrel on Wednesday before bouncing back later in the day, AP reported.
During periods of increasing inflation, investors usually shift more assets to gold. The dollar has dropped six percent against euro since August, and oil prices have surged 31 percent over the same period.
Gold for December delivery jumped $10.10 to settle at 833.50 per ounce, reaching its highest level in 27 years.
“The largest owners of US dollars are our major trade partners. These guys are getting nervous, and I think what's starting to happen is these guys are starting to buy euros and gold," said MF Global analyst, Kevin Grady.
MPR/HGH/RE
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