Gold Hits New Record, Above $876

by on January 8, 2008 · 0 comments

Gold hits a new recordDriven by investors, gold has climbed to its latest record of $876.40 an ounce or more than $7 above last week’s historic high of $869.05.

Spurring gold was a softening of the US dollar as investors weighed in the likelihood of the Federal Reserve cutting interest rates at the their Jan. 30 meeting.

China is also launching a gold future trading contract tomorrow, adding further motivation to gold’s rise.

As of 10:14 a.m. EST, spot gold is at $873.90.

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