Friday, December 02, 2005
Price of Gold Reaches Highest Level in 23 Years: $505 / oz.
Gold hits 23-yr high at $505 an ounce
Fri Dec 2, 2005 3:39 AM ET
By Lewa Pardomuan
SINGAPORE (Reuters) - Gold rose to as high as $505 an ounce in Asia on Friday, its highest level since February 1983, and looked likely to rise further as fund buying resurfaced despite fears of year-end liquidation.
Gold, used as jewelry and investment, has been on the rise as investors diversify their portfolios on worries about geopolitical tensions, such as the threat of terrorist attacks, and inflation.
Gold climbed to $509.20 an ounce in February 1983. Anything above that level will bring the metal to its highest since January 1980, when it hit a record high of $850 an ounce.
"Where do we go from here? I guess if we stay above $500, we may well be targeting $510," said Darren Heathcote, head of trading at N M Rothschild in Sydney.
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