Gold Prices Spike

January 27, 2003

Gold Prices Spike

Gold prices reached a six-year high Jan. 27 as the dollar fell and stocks tumbled on world markets amid fears of war in Iraq and the U.N. weapons inspectors' report.

Gold traded in London at US$370.80 bid per troy ounce, up from $366.30 on Jan. 24. Prices in Zurich and Hong Kong were up as well. Gold prices rose more than 15% in the past two months and experts say it will likely rise higher as war fears weaken other investment options such as stocks and the U.S. dollar.

Gold was last at this level on Dec. 4, 1996, when London dealers notched an afternoon price of $370.90.

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