Gold Hits $500/oz.
Gold hit $500 an ounce today before backing off.
LONDON (Reuters) – Gold spiked above $500 an ounce for the first time in 18 years on Tuesday but ended in New York trade just below the psychological threshold as investors quickly claimed their reward after weeks of fervent buying.
Platinum closed near a 25-year high above $1,000 an ounce, while funds, as in gold, cashed in some of the bullish bets booked in recent weeks.
The metals retreated from their highs in Asian trade, but growing demand, supply constraints and plans by some central banks to buy more gold were expected to support prices, dealers said.
My previous posts about the price of gold are here and in the Investing Category. The last time I wrote about the price of gold it was selling for $472/oz., a 17-year high.
Tag: Gold
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