Gold closes above $900 for the first time

Agencies
Posted: Jan 14, 2008 at 1625 hrs IST
Updated: Jan 14, 2008 at 1640 hrs IST

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Hong Kong gold prices closed above 900 dollars for the first time in the bullion market on Monday as investors search for a safe haven amid fears of a US economic slowdown and stock market turmoil.

The precious metal closed at 905.30 dollars an ounce -- after passing the 900-dollar mark -- up from Friday’s close of 893.00 dollars, dealers said.

The price had already broken through 900 dollars during trading in New York on Friday following a speech by Federal Reserve Chairman Ben Bernanke taken to indicate that there could be more US interest rate cuts.

The gold price has rocketed in the last few months as investors look for a refuge from turbulent stock markets, concerns about the outlook for the US dollar and inflation fears.

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Gold closes above $900 for the first time

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