Gold on a high

Gold rose to its highest in nearly three decades on Friday as the US dollar lifted its safe-haven appeal and purchases from speculators helped the metal defy selling pressure. Gold is seen as a hedge against oil-led inflation. "The oil price is over $80 today. As we approach the end of this year, the gold price will follow oil and reach $800," said Yukuji Sonoda from Daiichi Commodities. He said fundamentals looked strong, with the US cutting interest rates and Indian consumption rising. - Reuters

Gold rose to its highest in nearly three decades on Friday as the US dollar lifted its safe-haven appeal and purchases from speculators helped the metal defy selling pressure. Gold is seen as a hedge against oil-led inflation. "The oil price is over $80 today. As we approach the end of this year, the gold price will follow oil and reach $800," said Yukuji Sonoda from Daiichi Commodities. He said fundamentals looked strong, with the US cutting interest rates and Indian consumption rising. - Reuters

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