Gold spikes to highest in 7 months

02/17/2009 | Reuters

The price of spot gold hit $957.20 per ounce in early trading Tuesday, marking a seven-month high. Joining the trend, gold futures reached their highest point since July. "Chart-based buying and persistent demand for investment purposes have been the fundamental triggers for such accelerated gains when almost all other asset classes are heading further south," said Pradeep Unni, an analyst with Richcomm Global Services.

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