Gold for February delivery was quoted as high as $351.20 US in New York, up $1.80 US before slipping back to close up 30 cents on the day at $349.70 US. Gold hadn't traded that high since May 1997.
Gold moved higher after the U.S. dollar fell to its lowest level against the euro in 3 years. A cheaper U.S. dollar makes it cheaper for European investors to buy gold, which is priced in U.S. dollars.
The U.S. greenback fell after North Korea expelled two UN weapons inspectors. There's also continued concern over the likelihood of a U.S.-led attack on Iraq.
Political and economic jitters make gold shine
Canadian dollar drops sharply
The Canadian dollar fell sharply against the U.S. dollar, down 0.91 cents US to close at 63.71 cents U.S. on those same geopolitical concerns that were battering the U.S. greenback.
The S&P/TSX Gold index was up 4.68 per cent Friday, making that sector the best performer by far in an otherwise down TSX.
Barrick Gold was up 56 cents to $24.61; Placer Dome climbed 95 cents to $18.20; Kinross Gold soared 48 cents to $4; and Goldcorp was up 85 cents to $20.45.
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Lang & O'Leary Exchange
Markets
| Index | Last Trade | Change |
|---|---|---|
| TSX COMPOSITE | 11576.47 | 10.4 |
| DOW | 12454.83 | -74.92 |
| NASDAQ | 2837.53 | -1.85 |
| SP 500 | 1317.82 | -2.86 |
| NYSE COMPOSITE | 7534.32 | -18.01 |
| AMEX | 2227.37 | 1.45 |
| TSX-VENTURE | 1309.27 | 26.8 |
The data on this site is informational only and may be delayed; it is not intended as trading or investment advice and you should not rely on it as such.
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