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Article: Cheerful gold prospects.(View from the City)
- Article from:
- African Business
- Article date:
- February 1, 2008
- Author:
CopyrightCOPYRIGHT 2008 IC Publications Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Gold was the superstar of the metals and minerals sector in 2007 as the US dollar spot price rose by over 30%. Investors are still betting on a sustained rally as depleting production, robust demand, the sliding dollar and the cloud hanging over the global economy all add to the upward pressure on the yellow metal's price.
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On 14 January, gold reached an all-time high of $914 per troy ounce (oz), surpassing its 1980 peak of $850 following the former Soviet Union's invasion of Afghanistan. The New Year rush to bullion uplifted other precious metals with platinum and silver reaching a 27-year high of $1,587 and $16.58/oz, respectively.
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