SINGAPORE, Nov 1 (Reuters) - Gold hit a 28-year high on
Thursday on investor buying after the U.S. dollar tumbled to a
record low against major currencies and crude oil rallied to an
all-time high.
-- Spot gold <XAU=> hit a high of $799.30 an ounce, its best
level since January 1980, before dipping to $797.60/798.30 an
ounce, still higher than $791.70/792.50 late in New York on
Wednesday.
-- Gold scored an all-time high of $850 in January 1980, when
investors bought the metal heavily in the face of high inflation
linked to strong oil prices, Soviet intervention in Afghanistan
and the impact of the Iranian revolution.
-- After adjusting for inflation, that level was equal to
$2,079 an ounce at 2006 prices, according to metals consultancy
GFMS Ltd.
-- The benchmark October 2008 gold futures <0#JAU:> on the
Tokyo Commodity Exchange gained 70 yen per gram to 2,986 yen,
reflecting gains in New York's COMEX market.
-- Oil <CLc1> struck a new record at close to $96 a barrel on
Thursday, spurred by an unexpectedly sharp fall in U.S. crude
inventories that raised concerns over a supply shortfall in the
upcoming northern hemisphere winter.
-- The euro was at $1.4471 <EUR=> -- within sight of
Wednesday's record high of $1.4504, according to Reuters data.
-- The dollar fell to a record low against major currencies
on Wednesday after the Federal Reserve cut its benchmark interest
rate by a quarter percentage point and said the pace of U.S.
economic growth will slow this year.[ID:n31342110]
-- Silver <XAG=> edged up to $14.51/14.56 an ounce from
$14.47/14.52 late in New York.
-- The most-active December gold contract <GCZ7> on the COMEX
division of the New York Mercantile Exchange rose $5.5 ounce at
$800.8 an ounce on electronic trade.
-- Platinum <XPT=> rose to $1,452/1,457 an ounce from
$1,441/1,445 late in New York.
-- Palladium <XPD=> rose o $370/374 an ounce from $369/373.
Precious metals prices at 0038 GMT
Metal Last Change Pct chg YTD pct chg Turnover
Spot Gold 797.60 2.35 +0.30 25.47
Spot Silver 14.50 0.03 +0.21 12.84
Spot Platinum 1452.00 11.00 +0.76 28.27
Spot Palladium 370.00 1.00 +0.27 11.45
TOCOM Gold 2987.00 71.00 +2.43 22.17 36430
TOCOM Platinum 5281.00 83.00 +1.60 24.14 12334
TOCOM Silver 542.40 16.70 +3.18 9.95 984
TOCOM Palladium 1403.00 26.00 +1.89 11.79 255
Euro/Dollar 1.4471
Dollar/Yen 115.43
TOCOM prices in yen per gram, except TOCOM silver which is
priced in yen per 10 grams. Spot prices in $ per ounce.
((Reporting by Lewa Pardomuan, editing by Valerie Lee; Reuters
Messaging:[email protected]; +65
6870 3834))
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