Gold Breaches $500/oz.
Gold rose above $500 an ounce in Asia on Tuesday for the first time since December 1987 as dealers said funds had diversified into precious metals on worries about inflation and geopolitics.
Platinum breached the psychological level of $1,000 an ounce, hitting its highest price since 1980, as it tracked gold’s gains.
Spot gold was quoted at $502.00/502.75 an ounce in morning trade, up from $498.20/499.00 an ounce last quoted in New York on Monday. Gold was trading at its highest since December 14, 1987, when it hit $502.97 an ounce.
Spot platinum was quoted at $999/1,003 an ounce, up from $989/993 an ounce last quoted in New York.
Source: Reuters.
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