Another record broken by gold - Tuesday 8th January 2008

Gold hit yet another record high today (January 8th) when prices hit the $876 mark in London.

The weak dollar, rising oil prices and concerns over global inflation were all cited by traders as reasons for the surge in gold prices.

Last week, gold hit its previous record as a result of the continuing fallout of Pakistani opposition leader Benazir Bhutto's assassination and oil reaching the $100 a barrel milestone.

Now investors appear to be turning to gold as tensions continue to rise between the US and Iran and fears over inflation proliferate.

Gold has seen a rise in popularity among investors in recent months as a result of the global credit crunch affecting financial markets worldwide.

It is believed that prices rose by some 30 per cent over the course of 2007, with numerous experts predicting the yellow metal could surpass the $1,000 at some point this year.
Goldbug, 08 Jan '08

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