Gold crosses $1,007 as euro’s relentless march continues

Gold moved further into record territory above $1,000 per ounce and the euro hit fresh highs against the dollar on Friday after more bad news on the troubled US economy, traders said.The dollar also tumbled below one Swiss franc for the first time after US investment giant Bear Stearns said it was receiving emergency funding and following weak US consumer confidence data.

Gold, seen as a safe-haven asset during financial and political troubles, surged as high as $1,007.10 an ounce, easily passing the record of 1,000.45 that was set on Thursday. It was quoted at $999.60/1,000.40 at 1611 GMT.

Gold got support from the sliding dollar and soaring oil prices because the precious metal is regarded as a safe store of value in times of economic uncertainty and rising inflation, analysts said…MORE

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