By Atul Prakash in London
March 01, 2008 09:14am
Article from: Reuters
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GOLD set an historic high above $US975 ($1048) overnight, propelled by speculative buying on the back of record high oil and a lifetime-low US dollar against the euro.
The metal pared gains later as some investors took profits, but market sentiment remained bullish. Silver jumped to a 27-year peak near $US20 an ounce before falling, while palladium surged nearly 4 per cent to its highest in more than six years.
Gold set a record for the third straight day, hitting $US975.90 an ounce before falling to $US971.10/971.85, versus $US968.90/969.70 in New York late on Thursday. It has risen 16 per cent this year on the top of 32 per cent rise in 2007.
