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U.S. Gold hits record above $910; platinum, silver surge

LONDON, Jan 14 (Reuters) - Gold surged to a historic high above $910 an ounce, as investors rushed to buy the metal on further weakness in the dollar and expectations of a sharp cut in U.S. interest rates.

But the metal pared gains in afternoon European trade as some investors decided to take profits from a rally that saw prices jumping 50 percent in the past year, including a 15 percent rise in the last 30 days.

Gold's surge on the day also prompted buyers to snap up other precious metals, with platinum hitting a record high before giving up some gains. Silver was quoted below a 27-year peak, while palladium traded off its highest in two months.

"It's human nature to buy into a market that is already showing strength. Most fund managers have a herd mentality and they are just attracted to gains. Gold could go higher still, but we don't think this is a right time for buying," sa


Added: Jan-14-2008 
By: stefan171
Tags: us, u.s., usa, u.s.a., united, states, gold, inflation, interest, rates, platinum, silver, surge
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