Gold price hits 18-year high

Oct. 11, 2005 at 5:07 PM

NEW YORK, Oct. 11 (UPI) -- The price of gold on the New York Mercantile Exchange climbed Tuesday to its highest level since December 1987.

Gold for December delivery reached as high as $481.50 an ounce on the New York Mercantile Exchange before closing at $479.80, up $1.80, or 0.4 percent.

Prices haven't closed at a level this high in nearly 18 years, MarketWatch reported.

"Gold looks set to remain in its current uptrend for the moment, with fresh investment interest keen to drive the market higher," said James Moore, an analyst at TheBullionDesk.com.

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