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Gold closes above $800 at highest level since 1980
Euro climbs to a new record high against the dollar, boosting gold
By Polya Lesova, MarketWatch
Last Update: 4:18 PM ET Nov 2
NEW YORK (MarketWatch) -- Gold futures rallied Friday to close above $800 at their highest level in nearly 28 years, boosted by rallying crude-oil prices and the dollar's tumble to a new record low against the euro.
Gold for December delivery rallied $14.80 to finish at $808.50 an ounce on the New York Mercantile Exchange. Earlier, the contract hit an intraday high of $810.70, a level not seen since 1980.
The record high for Nymex gold was $875 set on Jan. 21, 1980, and the record settle was $825.50 set on the same date.
"The commodities markets in general are staging a huge rally today," said Zachary Oxman, a senior trader at Wisdom Financial. "I believe that a huge wave of technical buying pushed by traders, funds, purchases into the gold ETF and the continued fall of the U.S. dollar are all pushing gold and silver higher today."
"I'd expect gold to hold firmly over $800 throughout the year, and the dollar to continue to sell off," Oxman said in emailed comments.
