Gold Price Soars as US Dollar Tumbles

Gold futures surged last Friday to close above $800, their highest level in nearly 28 years. Investors continue to shift funds to Gold due to the weakening US dollar and high crude-oil prices.

Gold for December delivery surged $14.80 to finish at $808.50 an ounce on the New York Mercantile Exchange. It hit an intraday high of $810.70, a level not seen since 1980. Most dealers commented that the weakening US dollar as well as technical buying pushed by traders and funds will continue give momentum to both gold and silver prices.

Crude-oil futures also traded near historic highs last week, rising on speculation that demand for oil will increase after a eport showing US employment rose more than expected last month.

On the currency markets, the Euro hit a new record high against the US dollar last Friday, rising to $1.4527, its highest level since the European unit began trading in January 1999.

I think I have 200 Euro dollars which i kept and gold chains which my grandma gave me years ago……guess my long term investments are finally paying off.