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Gold hits new record at $1,007

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By Financial Times on Friday, March 14, 2008
Filed Under: Gold & Silver Bullion

GoldSpot gold prices pushed to a fresh all-time high above $1,000 a troy ounce on Friday as investors sought refuge from financial turbulence after Bear Stearns, received emergency funding after its liquidity position “significantly deteriorated”.

Spot gold in London, the main industry benchmark, surged to a record intraday high of $1,007.10, up $12.10 on the day, as investors moved into the precious metal and the US dollar plunged to a fresh all-time low of $1.5688 against the euro. The dollar also hit a fresh 12-year low against the yen, trading as low as Y99.54.

It is the second day in a row that spot gold has traded above $1,000 an ounce, although the trades on Thursday were contentious as they were not reflected in all trading systems used for the over-the-counter London market.
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