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Gold hits record above $973 an ounce, eyes on oil and dollar

Gold hits record above $973 an ounce, eyes on oil and dollar
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First Published: Fri, Feb 29 2008. 09 51 AM IST
Updated: Fri, Feb 29 2008. 09 51 AM IST
Singapore: Gold powered to a new high around $973 an ounce on Friday after crude oil set an all-time high near $103 a barrel and the dollar slipped against other currencies.
Gold jumped as high as $973.10 an ounce, up from $968.90/969.70 late in New York on Thursday. Gold has gained more than 16% this year.
Palladium hit a high of $571 an ounce, its best level in more than six years, up from $560.00/564.00 late in New York.
US crude oil futures steadied above $102 a barrel on Friday, near a record high struck the previous day, as a fire at a major European natural gas terminal and new lows for the US dollar supported prices.
Silver edged up $19.76/19.81 an ounce from $19.74/19.79 an ounce, having reached a 27-year peak of $19.83 an ounce on Thursday.
Spot platinum dipped to $2,125/2,132 from $2,135/2,140 an ounce late in New York and off last week’s record high of $2,192 an ounce.
The most active February 2009 contract on the Tokyo Commodity Exchange shed 40 yen per gram to 6,977 yen.
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First Published: Fri, Feb 29 2008. 09 51 AM IST
More Topics: Markets | Precious | Gold | Silver | Platinum |