After adjusting for inflation, the 1980 high was $2,119.30 at 2007 prices. ![]() It was previously fixed at a record high of $850 in January 1980 as high inflation linked to strong oil, Soviet intervention in Afghanistan and the impact of the Iranian revolution prompted investors to heavily buy gold. It has jumped 20 percent this year, 56 percent in the past 12 months, doubled in about 2 years and surged from a low of around $250 in August 1999. Gold hit a record high of $991.90 an ounce on Thursday and was at $986.90/987.40 at 1144 GMT. ![]() “And, with the right confluence of economic and geopolitical developments, we could see gold spike to $1,500 or even $2,000 in the next few years,” he said. “Don’t be surprised to see gold trade up to $1,100 (an ounce) or even $1,200 before year-end 2008,” said Jeffrey Nichols, managing director of American Precious Metals Advisors. on the brink of possible economic recession will propel gold higher still, analysts say. LONDON (Reuters) - Gold’s near vertical climb to historic highs approaching the key $1,000 mark shows no sign of abating as bullish forces such as a sinking dollar and record high oil are not seen fading anytime soon.įears that expensive oil will stoke inflation combined with worries over potential stock market losses and the U.S.
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