Monday, February 11, 2008

Gold Prices Rise Despite IMF Gold Sales Proposal; Food & Metal Prices Soar as World Equities Fall Again

Gold Prices pushed higher in volatile trade early Monday, gaining 0.7% from Friday's close by lunchtime in London as world stock markets dropped yet again. The spot Gold Market stood above $927 per ounce as the broad FTSE index of Europe's 300 largest companies slipped 0.5% for the day, while copper and most other base metals continued to gain as bad weather blocked Chinese output. Crude oil dipped for the first session in three despite fresh threats to immediate supplies. A North Sea oil rig was closed by a bomb alert; Hugo Chavez, president of Venezuela threatened to block oil exports to the US on Sunday; and Shell lost another 130,000 barrels per day from its terrorist-hit operations in Nigeria thanks to leaky pipes.

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