Gold momentum builds in choppy trade, tests $815

Reuters
Saturday November 24, 2007

Gold marched higher on Friday in volatile conditions, with prices spiking above $815 per ounce as bulls focused on poor dollar sentiment for a fresh assault on recent 28-year highs.

Platinum prices also perked up, with a planned national safety strike in key producer South Africa and further shaft closures due to accidents boosting prices near to record highs hit earlier this month.

Activity remained thin, amplifying volatility, after the U.S. market closure for Thanksgiving Day on Thursday and a national holiday in Japan on Friday.

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Spot gold <XAU=> rose more than 1.5 percent to an intraday high of $817.40 before paring gains to stand at $815.20/815.90 per troy ounce by 1518 GMT from $802.70/803.50 quoted late in London on Thursday.

The market hit a 28-year high in early November at $845.50, just shy of a record $850 hit in January 1980.

The euro set fresh record highs versus the dollar <EUR=>, moving closer to the landmark $1.50 level, on raised bets for the U.S. Federal Reserve to cut interest rates next month.

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