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Article: Gold prices reach a new high; Fueled by weak dollar and soaring oil, $880 mark short of 1980 level, adjusted for inflation.(Business)
- Article from:
- Albany Times Union (Albany, NY)
- Article date:
- January 9, 2008
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Byline: JACKIE FARWELL - Associated Press
NEW YORK - It's the stuff of western dramas where rugged men went looking for it in the mountains. It's the glittering metal used in fancy jewelry, the highest honors for sports and the bars tucked away in heavily secured safes. And these days, gold's appeal as a safe-haven investment has carried it to higher prices.
Gold futures surged above $880 Tuesday to their highest level ever, not accounting for inflation, propelled higher by rising oil prices and a weak U.S. dollar. An ounce of gold for February delivery climbed as high as $884 on the New York Mercantile Exchange, topping by almost $10 its previous record ...