MarketWatch.com Gold tops $500 in overnight trade
by ShepWave.com
Posted: 11/28/2005 21:06 EST
| Gold tops $500 in overnight trade | ||||
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SAN FRANCISCO (MarketWatch) -- Gold futures topped $500 an ounce in overnight trading Monday, passing an important psychological barrier that hasn't been eclipsed in almost 18 years.
At last check, gold for December delivery was trading at $501 on the Asian market, up $2.70 from its Monday close on the New York Mercantile exchange. Gold has risen sharply in recent weeks, driven by a combination of strong physical demand from India and China, central-bank buying and demand from inflation-wary institutional investors. Gold last surpassed the $500-an-ounce level on Dec. 14, 1987, but stayed above the mark for just a single day. It hit its record high of $873 in January 1980. | ||||
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