Gold rush is on

Gold rallied to its highest level in 28 years yesterday and targeted $800 (about R5250) as oil surged to a record peak and the dollar tumbled on speculation over a US interest rate cut. Other metals also jumped, with platinum setting a new high, silver rallying to its best level in eight months and palladium rising. "The market is in a bull run. The consensus here is that gold could reach $800 in a short term and that's motivating the market higher. Also the risk for a US rate cut is feeding the trend," said analyst Frederic Panizzutti. - Reuters

Gold rallied to its highest level in 28 years yesterday and targeted $800 (about R5250) as oil surged to a record peak and the dollar tumbled on speculation over a US interest rate cut. Other metals also jumped, with platinum setting a new high, silver rallying to its best level in eight months and palladium rising. "The market is in a bull run. The consensus here is that gold could reach $800 in a short term and that's motivating the market higher. Also the risk for a US rate cut is feeding the trend," said analyst Frederic Panizzutti. - Reuters

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