Gold prices top the $1,000 an ounce mark

March 13, 2008 at 2:35 PM
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NEW YORK, March 13 (UPI) -- The price of April gold topped the $1,000 an ounce mark Thursday, as the weak U.S. dollar and turbulent markets continue to drive commodity speculation.

Oil, sometimes called black gold, also hit a record price, climbing above $111 a barrel.

The climb in gold prices has startled even the experts. Before 2008, the highest price for the precious metal was $850 an ounce.

Gold on the New York Mercantile Exchange reached $1001.50 an ounce, a precipitous climb from August 1999, when gold sold for $253 an ounce.

The run on commodities -- including wheat, corn, silver and others -- has increased steeply in recent weeks as the dollar has declined against the euro and yen.

The dollar is close to trading at 100 yen, another symbolic number. On Thursday the greenback was at 101.12 yen, while the euro traded at $1.5572.

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