Special Report: Global Financial Crisis
CHICAGO, Feb. 20 (Xinhua) - Gold futures on the COMEX Division of the New
York Mercantile Exchange climbed above 1,000 U.S. dollars for the first time
since last March on Friday, due to investors' safe-haven buying boosted by
global financial and economic worries. Silver and platinum also rallied.
Gold price for April delivery went up 25.70 dollars, or 2.6 percent, to
settle at 1,002.20 dollars an ounce. It hit as high as 1,007.70 dollars in the
session.
March silver closed at 14.49 dollars per ounce, up 55.5 cents. April
platinum rose 19.20 dollars to 1,095.70 dollars per ounce.
Gold's hedge appeal was strengthened as U.S. stock market plunged. The Dow
Jones Industrial Average Index continued to decline sharply on Friday after
closing Thursday at its lowest level since 2002. Markets in Germany, France, the
U.K. and Japan also dropped.
Jittery investors flocked to precious metals as a safe haven amid tumbling
stock markets and economic turmoil, analysts said.
U.S. dollar versus the euro went down sharply on Friday after soaring for
several trading days, erasing most of this week's gains and helped gold to top
1,000 dollars.
