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Metals Rally to Record

Gold Futures Hit Record High: $933.30 an Ounce

Written by Luke Burgess
Posted January 28, 2008

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Gold and platinum hit fresh record price highs today on confidence of another rate cut from the Fed this week, a falling US dollar, and supply concerns fed by a fourth day of mine stoppages in South Africa.

The markets are wagering for another interest rate cut this week. The general consensus agrees that the Fed will cut as much as 50-basis-points on Wednesday, following the 0.75 emergency slashing last week. Meanwhile, the US dollar index fell to 75.630 (just 0.360 above the year-to-date low) and several major mining companies working in South Africa, including AngloGold Ahsanti Ltd., Gold Fields Ltd. and Harmony Gold Mining Co., have had operations ceased since Friday because of a national electricity shortage.

Gold prices topped off at $929.80 an ounce today while silver sat at a record $16.795/oz and platinum hit $1733.00/oz.

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Other commodities traded mixed today. Copper gained 0.3%, oil traded 0.4% higher, and natural gas prices increased 0.6%.

- luke

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