Looks like DKGR might be in time for the GOLD RUSH - figures crossed
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Gold futures finish near a 28-year high
By Polya Lesova, MarketWatch
Last Update: 4:29 PM ET Oct 1, 2007Print E-mail Subscribe to RSS Disable Live Quotes
NEW YORK (MarketWatch) -- Gold futures climbed to their highest point in almost 28 years on Monday, with palladium and copper also posting strong gains.
Gold for December delivery rose $4.10 to finish at $754.10 an ounce on the New York Mercantile Exchange.
Earlier in the session, the contract hit $755, the highest level seen in nearly 28 years. The record intraday all-time high for a benchmark gold contract on Nymex stands at $875, set on Jan. 21, 1980.
"The market remains focused on dollar weakness," said Peter Spina, an analyst at GoldSeek.com, in emailed comments. "The moment the dollar started to weaken today, gold saw buying interest. This remains the driving force in the market."
On the currency markets, the dollar sank to a fresh all-time low against the euro. The European currency moved as high as $1.4282 against the greenback in Asian trading before edging back down to $1.4223 by midday Monday.
The Dollar Index, which tracks the performance of the dollar against a basket of currencies, gained 0.2% at 77.905, retreating from an earlier high of 78.05. See Currencies.
"Support for gold's progress towards $750 was in part prompted by earnings warnings from Citigroup that made their way into the day's news flows," said Jon Nadler, a senior analyst at Kitco Bullion Dealers, in a research note. "A 60% drop in third-quarter net income at Citi is really more like an alarm bell rather than a 'warning'...and this came on the heels of a $3.4 billion loss at UBS."
