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Gold prices near 16-year high
Gold prices simmered just below 16-year highs in Europe on Friday, buoyed by a weak dollar which could soon see bullion at $450/oz or above, traders said. Platinum also perked up after speculative buying in the Far East, scoring its highest since early September during London's morning fixing session. Platinum was fixed in London at $868.00 an ounce, while spot rose to $865.00/870.00 an ounce from New York's $850.50/855.50. Platinum could reach $900.00 real soon! Copper prices @$139.5 & Silver @$7.62 continue to climb. By 1151 GMT, spot gold was quoted at $436.10/436.60 a troy ounce, up from New York's late quote on Thursday of $434.35/435.10 and not far from Wednesday's 16 year peak of $437.25. Traders were now looking for gold to target $450 an ounce, a level last visited in June 1988, with some touting $465 and above as a possibility. Gold last saw prices above $500 in mid-December 1987. Palladium was little changed at $211.00/215.00 from $212.0/217.00, while silver firmed to $7.50/7.53 from $7.43/7.46 . (back in 1999 Palladium rocketed to over 1k an ounce due to supply problems in Russia. Posted by: Mark Espinola 2004-11-13 |
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