Gold 963.95 Up 1.52%
Platinum 2169.00 1.17%
Brent Crude Oil 100.12 Up 0.65%
Rand - $ 7.4790
NVDL: I sometimes think what is bad for the world, is good for us. But even if it is true, I'm not sure if it is true for very long.
SINGAPORE - Gold roared above $955 an ounce today to its highest level ever, with investors pouring money into the metal after oil hit a record above $101 a barrel and the US dollar tumbled against other currencies.
Spot gold rose as high as $955,70 an ounce, with buying particularly from investors and speculators in Japan. It was up from $946,60/947,40 late in New York yesterday and has gained more than 14% this year.
Silver rallied to its loftiest level since November 1980 on investor buying as it was still cheaper than other precious metals. Palladium jumped to its best level in more than six years while platinum hovered below last week’s record.
"Investors are still very concerned about the fluctuations and troubles in other markets," said Darren Heathcote of Investec Australia in Sydney.
"Let’s just say $970 is not inconceivable. As I guess $1 000 is not inconceivable. There doesn’t seem to be much reason to sell gold," he said.
From: Gold hits record high on surging oil, euro