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Markets & Stocks
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Gold at 16-year high
Weak dollar helps lift the closely-watched precious metal to $438.30 close in New York.
November 12, 2004: 2:30 PM EST

NEW YORK (CNN/Money) - Gold closed at a 16-year high in New York Friday, helped along by continued weakness in the dollar in world currency markets.

Gold closed at $438.30, up $3.10 from Thursday's close. Some traders were speculating that the precious metal could soon cross the $450 an ounce mark.

Traders said gold had been "remarkably resilient" this week given the fall in oil prices and stocks surging to near 2-1/2 year highs, although the metal was still hooked mainly into currency moves.

"We have seen good interest from funds, along with some bouts of profit-taking. But whenever we see that, new customers are stepping in," David Holmes, vice-president at RBC Capital Markets said.

"The outlook for gold is positive and we have broken through some critical resistance levels."

Gold struggled for weeks to crack a band of selling at $430 an ounce before breaking through late last week, attracting another wave of fund buying despite an over-extended speculative long position on the New York market.

Analysts said improved sentiment in gold was also linked to talk of the imminent listing in New York of a new exchange traded fund for the metal.

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Traders were now looking for gold to target $450 an ounce, a level last visited in June 1988, with some touting $465 and above as a possibility. Gold last saw prices above $500 in mid-December 1987.

"Clearly the outlook for the currency markets, and in particular the U.S. dollar/euro exchange rate will be critical to the outlook for the gold market," HSBC metals analyst Alan Williamson said in a daily report.  Top of page

-- Reuters contributed to this story.



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Most stock quote data provided by BATS. Market indices are shown in real time, except for the DJIA, which is delayed by two minutes. All times are ET. Disclaimer. Morningstar: © 2018 Morningstar, Inc. All Rights Reserved. Factset: FactSet Research Systems Inc. 2018. All rights reserved. Chicago Mercantile Association: Certain market data is the property of Chicago Mercantile Exchange Inc. and its licensors. All rights reserved. Dow Jones: The Dow Jones branded indices are proprietary to and are calculated, distributed and marketed by DJI Opco, a subsidiary of S&P Dow Jones Indices LLC and have been licensed for use to S&P Opco, LLC and CNN. Standard & Poor's and S&P are registered trademarks of Standard & Poor's Financial Services LLC and Dow Jones is a registered trademark of Dow Jones Trademark Holdings LLC. All content of the Dow Jones branded indices © S&P Dow Jones Indices LLC 2018 and/or its affiliates.