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Gold edges towards record highs
Posted Mon, 31 Dec 2007
The price of gold rose above $843 on Monday, close to its all-time high of $850, as the precious metal profited from political unrest in Pakistan and a weak dollar, dealers said.
Gold prices, which have risen by nearly a third in 2007, climbed as high as $843.24 per ounce in Monday trading but later slipped back to $840.75 on the London Bullion Market.
"Gold targets highs on flight-to-safety demand," James Moore of thebulliondesk.com wrote in a research note on Monday.
"Safe-haven and investment demand pushed" gold higher after the dollar fell and unrest in Pakistan following the assassination of the country's opposition leader Benazir Bhutto last week, he added.
The precious metal is widely regarded as a haven in troubled times.
Gold prices were also winning support from a struggling dollar, which fell against major rivals on the last trading day of 2007 in the wake of weak US data on new home sales, dealers said.
A falling US unit encourages demand for dollar-priced commodities because it makes them cheaper for buyers using stronger currencies.
The price of gold has also risen this year because of increased jewellery purchases in emerging economic powerhouses China and India, according to the World Gold Council.
Gold struck a 27-year peak of $845.84 on 7 November. Its all-time high stands at $850 reached on 21 January 1980.
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