Gold Holds Near 28-Year High

Gold is headed for a seventh year of gains as it held near its highest in almost 28 years, boosted by crude oil gains and the dollar's decline against major currencies.
TradingEconomics.com, Bloomberg
12/31/2007 8:06:19 AM

Gold gained 32 percent this year as surging fuel expenses boosted demand for the metal as a hedge against inflation. The spot price climbed to a record $850 on Jan. 21, 1980.

The dollar declined against 14 of the 16 most active currencies this year as the Fed lowered borrowing costs three times because of a slumping housing market.

Gold futures are headed for the biggest annual gain since 1979, the longest rally since futures began trading in 1975. Futures reached a 27-year high of $848 on Nov. 7.



News

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Published on 2008-09-09

Oil, Gas Fall as Gulf Hurricane Weakens
Crude oil fell to the lowest in more than four months and natural gas dropped to a low for the year after Hurricane Gustav made landfall as a weaker-than-expected storm, easing concern of major damage to rigs and refineries.
Published on 2008-09-01

Crude Oil, Gasoline Advance
Crude oil and gasoline futures rose as Hurricane Gustav approached the U.S. Gulf coast, halting most regional oil and gas output and shutting local refineries.
Published on 2008-08-31

Oil Rises
Crude oil headed for its biggest weekly gain in almost two months and natural gas rose as producers evacuated rigs before the arrival of Gustav, forecast to be the largest hurricane in the Gulf of Mexico since Katrina.
Published on 2008-08-29

Crude Oil Rises a Third Day
Crude Oil rose for a third day on forecasts Tropical Storm Gustav will strengthen as it enters the Gulf of Mexico, home to 26 percent of U.S. production.
Published on 2008-08-27

Oil Rallies After Sharp Sell-off
Oil prices rallied modestly on Monday, in what traders called a technical rebound after the sharp sell-off at the close of last week.
Published on 2008-08-25

Gold Prices Fall for a Second Day
Gold fell in London for a second day as a rally in the dollar eroded the appeal of the precious metals as an alternative asset. Silver was little changed.
Published on 2008-08-25

Crude Oil Falls on Stronger Dollar
Crude oil fell for the first time in four days as the U.S. dollar strengthened and Turkey restored flows through a Caspian Sea pipeline.
Published on 2008-08-22

Oil Gains a Third Day
Oil rose on speculation that Russian crude may be disrupted because of rising tensions with the U.S., and as the weaker dollar bolstered the hedging appeal of commodities.
Published on 2008-08-21

Oil Rises a Second Day
Crude oil rose for a second day as a weakening dollar prompted investors to buy commodities as an inflation hedge.
Published on 2008-08-19

Oil Declines
Crude oil fell, heading for a second weekly decline, as the stronger dollar diminished the appeal of commodities as an inflation hedge.
Published on 2008-08-15

Gold Slumps Below $800
Gold fell below $800 a troy ounce for the first time this year on Friday as the recent sell-off in the commodities sector gathered pace and the dollar hit fresh highs.
Published on 2008-08-15

Crude Oil Rises a Second Day
Crude oil rose for a second day after a U.S. Energy Department report yesterday showed a bigger- than-forecast decline in inventories of gasoline as refiners shut units and imports fell.
Published on 2008-08-14

Oil Falls
Crude oil fell to a 14-week low on speculation that the dollar will strengthen against the euro, weakening the appeal of commodities as an inflation hedge.
Published on 2008-08-12

Oil Falls for a Third Day
Crude oil fell for a third day on signs that a U.S. economic slump will extend into 2009, paring fuel demand in the world's biggest oil consumer.
Published on 2008-08-12

Gold, Platinum, Silver Drop
Gold, platinum and silver plunged to their lowest in more than seven months as the dollar gained against the euro, reducing the appeal of precious metals as an alternative investment to U.S. denominated assets.
Published on 2008-08-11

Crude Oil Falls to a 14-Week Low
Crude oil fell to a 14-week low on signs that the U.S. economic slump will extend into 2009, crimping fuel demand.
Published on 2008-08-11

Gold Declines to Eight-Week Low
Gold dropped to an eight-week low in Asia, heading for a fourth weekly decline, as energy costs fell and the dollar rallied, reducing the precious metal's appeal as a haven investment.
Published on 2008-08-07

Crude Oil Trades Near $119
Crude oil futures traded near $119 a barrel in New York after falling yesterday as U.S. supplies unexpectedly gained amid slowing demand, and the dollar climbed, reducing the appeal of commodities as an inflation hedge.
Published on 2008-08-07

Crude Oil Falls a Third Day
Crude oil fell for a third day in New York, trading near $118 a barrel, on concern slowing economic growth in the U.S. and Europe will curb fuel consumption.
Published on 2008-08-06