Gold Prices are Going UP, UP & UP!

Gold has reached a new 16 month high on Friday, September 14, 2007. It closed in London fix price of $716.35. The falling US dollar against the euro has pushed gold prices higher. When there are economic worries, gold is always been a safe haven for investors. As investors invest in gold, it drives the price up. The all time high for gold was on January 21, 1980. It hit $850 per troy ounce.

"There is a head of steam in gold, there is sufficient oomph in this market to take it to $740 between now and the end of October," said Peter Hillyard, head of metal sales at ANZ Investment Bank.

It looks like gold jewelry will be more expensive this holiday season as retailers increase prices to keep up with the gold market.