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.
Here is a CBC News perspective on today’s gold movement: