Gold broke the $900 per ounce plane once again and platinum peaked to a new historic record today. Gold had tumbled for a time this week but the Federal Reserve’s unexpected slashing of interest rates Tuesday helped change the momentum.

Spot gold hit an earlier high of $910.50 an ounce and was at $907 by 1:56 p.m. EST for a rise of $22.20 over yesterday. At the same time, spot platinum was at $1606 per ounce and up $56 compared to yesterday.

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Gold futures briefly crawled over $900 an ounce on Friday for the first time on the New York Mercantile Exchange (NYMEX). It landed on $900.10 and settled back down to $897.80. The driving factors haven’t changed:

• Weak U.S. Dollar
• High oil prices
• Uneasy investor hedging
• And U.S. recession fears, resulting in upcoming interest rate cuts

While gold has been shooting for the stars, when adjusted for inflation, it sill remains far below the 1980 adjusted price of nearly $2,200.

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