Gold Rises to 27-Year High
October 27, 2007
THE gold price has surged to its highest level since 1980.
Traders said the gold rush was caused by the prospect of a US recession. The weak dollar has prompted investment banks and traders to take money out of the American currency and buy gold instead.
The gold price rose Pounds 8.25 to Pounds 394 an ounce yesterday. Gold has risen Pounds 50 an ounce since September.
Some analysts believe the price of the precious metal is too high and could fall sharply in the weeks to come..
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