Gold hits one-week high on weak dollar, firm oil |
| Reuters UK - Mar 26, 2008 |
Gold hit a one-week high on Wednesday as a falling dollar and firm oil prices encouraged investors to shift money back into the market after last week's heavy sell-off.
Gold rose to a high of $948.80 an ounce and was quoted at $948.20/949.10 at 1102 GMT, against $934.60/935.40 late in New York on Tuesday.
"We are still going to have another leg up towards $1,000, but I think it might be slower than the run up we saw the last time," said Suki Cooper, metals analyst at Barclays Capital.
"There has been some profit taking, but I don't think the overall trend has been damaged," she said, adding dollar weakness, inflationary concerns, expectations of further Fed rate cuts and financial market worries were expected to continue supporting the market.
Read Full Article from Reuters UK
- Posted: 2008-03-26 09:19:22
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