Wednesday, September 19, 2007

Gold Rises to Highest Since 1980 as Dollar Slumps on Fed's Cut

Sept. 18 (Bloomberg) -- Gold futures rose to a 27-year high after the Federal Reserve cut interest rates, sending the dollar to a record low against the euro and boosting the appeal of the precious metal as a currency hedge. The euro reached a record $1.3981 after the announcement. Gold futures shot to $873 an ounce, the highest ever, in January.

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