Momentum Sends Gold Above $1,000 an Ounce

Humeyra Pamuk and Veronica Brown
Reuters
September 8, 2009

[efoods]Gold powered through the $1,000 per ounce psychological barrier on Tuesday, carried by a wave of pent-up technical momentum and dollar weakness, with some analysts eyeing last year’s record high at $1,030.80.

Some investors were also seeing the spike in gold as a warning signal to stock market bulls and were fretting about the result of central banks and governments pumping billions of dollars into banking systems to boost growth.

Spot gold rose to $1,007.45 an ounce, its highest since March 2008, when bullion touched the $1,030.80 record. It was trading at $1,001.75 an ounce by 1442 GMT (10:42 a.m. EDT), after briefly dipping below $1,000, and versus $993.85 an ounce late in New York on Monday.

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