Post by Shadow on Dec 7, 2005 19:22:41 GMT -5
FT.com
By Kevin Morrison
Published: December 6 2005 12:50 | Last updated: December 6 2005 20:43
Gold reached its highest level since April 1981 when it hit an intra-day peak of $510.30 a troy ounce on Tuesday in Asian trading, with Japanese investors particularly active as they looked to use the precious metal as a hedge against the declining yen.
However, gold prices retreated from their new peaks in European trading to $506.60/$507.40, down about $2 from the late quote in New York on Monday. The rise to a 24½-year high followed a succession of new peaks over the past fortnight that has seen bullion move past the $500 level for the first time since 1987 and the breaking of the 1983 high of $509.10.
Gold is now back at levels last seen when the metal was falling from its all-time peak of $850 reached in January 1980, which equates to about $2,000 in today’s terms.
By Kevin Morrison
Published: December 6 2005 12:50 | Last updated: December 6 2005 20:43
Gold reached its highest level since April 1981 when it hit an intra-day peak of $510.30 a troy ounce on Tuesday in Asian trading, with Japanese investors particularly active as they looked to use the precious metal as a hedge against the declining yen.
However, gold prices retreated from their new peaks in European trading to $506.60/$507.40, down about $2 from the late quote in New York on Monday. The rise to a 24½-year high followed a succession of new peaks over the past fortnight that has seen bullion move past the $500 level for the first time since 1987 and the breaking of the 1983 high of $509.10.
Gold is now back at levels last seen when the metal was falling from its all-time peak of $850 reached in January 1980, which equates to about $2,000 in today’s terms.
