Gold ends up after hitting record high of $1,009
March 15, 2008
NEW YORK (Mar 14) Gold futures closed with gains Friday after surging to a record high of $1,009 an ounce earlier, as investors sought a safe haven following news of a bailout of troubled investment bank Bear Stearns.
Gold for April delivery rose $5.70 to end at $999.50 an ounce on the New York Mercantile Exchange. Earlier in the session, gold hit a record of $1,009.
Gold posted a weekly gain of $25.30 from last Friday's closing level of $974.20 an ounce. "The Bear [Stearns] news seems to be blowing this market up through $1,000," said Zachary Oxman, a senior trader at Wisdom Financial. "Bear is the first, who is next? That question is haunting investors right now and they are looking for a flight to quality," Oxman said. "Bear is the first, who's next? That question is haunting investors right now and they are looking for a flight to quality." — Zachary Oxman, Wisdom Financial.
The dollar remained under pressure Friday after touching new lows against the euro and Swiss franc, undermined by cool inflation data and weakness on Wall Street as the market digests news of Bear Stearns' bailout. The dollar index was at 71.656, down from 72.047 in London earlier Friday.
On Thursday, gold futures surpassed the psychologically key level of $1,000 an ounce for the first time.
"We are seeing encouraging recent trends particularly in the investment sector, in a number of the world's key gold markets as investors take 'flight to quality' in the face of the credit squeeze and ongoing financial turbulence," said James Burton, CEO of the World Gold Council, a gold mining industry group.
Gold for April delivery rose $5.70 to end at $999.50 an ounce on the New York Mercantile Exchange. Earlier in the session, gold hit a record of $1,009.
Gold posted a weekly gain of $25.30 from last Friday's closing level of $974.20 an ounce. "The Bear [Stearns] news seems to be blowing this market up through $1,000," said Zachary Oxman, a senior trader at Wisdom Financial. "Bear is the first, who is next? That question is haunting investors right now and they are looking for a flight to quality," Oxman said. "Bear is the first, who's next? That question is haunting investors right now and they are looking for a flight to quality." — Zachary Oxman, Wisdom Financial.
The dollar remained under pressure Friday after touching new lows against the euro and Swiss franc, undermined by cool inflation data and weakness on Wall Street as the market digests news of Bear Stearns' bailout. The dollar index was at 71.656, down from 72.047 in London earlier Friday.
On Thursday, gold futures surpassed the psychologically key level of $1,000 an ounce for the first time.
"We are seeing encouraging recent trends particularly in the investment sector, in a number of the world's key gold markets as investors take 'flight to quality' in the face of the credit squeeze and ongoing financial turbulence," said James Burton, CEO of the World Gold Council, a gold mining industry group.
Labels: Markets
