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Gold closing in on magical mark of $ 1000

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Lightbulb Gold closing in on magical mark of $ 1000 - March 3rd, 2008

Gold closing in on magical mark of $ 1000

Gold prices on Monday edged one more step towards the magical figure of $1000 an ounce thanks to a weak dollar and high oil prices.

The yellow metal jumped as high as $984.60 an ounce and was quoted at 978.00/978.90 in New York. Silver jumped to $20 an ounce for the first time since November 1980, while platinum and palladium held near their recent highs.

Gold has gained around 18 percent in 2008 as investors shift some of their money into the precious metal on expectations of more interest rate cuts in the United States, volatile stock markets and fears of rising energy costs.

Crude oil held steady near $102 a barrel, supported by a falling U.S. dollar and expectations that OPEC would leave its output unchanged. Silver rose as high as $20.16 an ounce, up from $19.80/19.85 an ounce late in New York,

Spot platinum eased to $2,158/2,168 from $2,163/2,170 ounce late in New York. It hit a record of $2,192 an ounce on February 22 as problems with power supply disrupted mining in main producer South Africa.
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