Gold tops $900 an ounce
High oil prices, a weak dollar and fears of a U.S. recession continue to push the price of gold skyward.
Bloomberg news reported that gold futures for February delivery rose to $906.40 an ounce on the Comex division of the New York Mercantile Exchange.
The first time gold topped $900 an ounce was on Friday, when the price jumped $6.50 to $900.10 in morning trading, an all-time high and a psychologically important milestone, The Associated Press reported.
“It’s a reflection of market sentiment: Gold is a hedge against uncertainty and right now it’s the best bet,” Carlos Sanchez, a precious-metals analyst at CPM Group in New York, told the AP. “None of the other investment options look that great and gold does.”
Despite topping $900 an ounce, when adjusted for inflation, gold remains well below its all-time high. In 1980, gold cost $875 an ounce, which would equal $2,115 to $2,200 an ounce today.
Bloomberg reported on Tuesday that prices increased for platinum, palladium and silver as well.
Silver for immediate delivery rose $2.63 to $16.4113 an ounce, platinum increased $1 to $1,578 an ounce, and palladium gained $1.25 to $379.75 an ounce.