Gold’s golden journey through the ages

NEW DELHI (Commodity Online) : The precious yellow metal is going great guns by setting new records since last week.

Let’s see how the yellow metal achieved every milestone on its journey to the top.

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* January 1980 – Gold hits record high at $850 per ounce. High inflation because of strong oil prices, Soviet intervention in Afghanistan and the impact of the Iranian revolution, prompts investors to move into the metal.

* August 1999 – Gold falls to $251.70 on fears of central banks reducing reserves, and mining companies selling gold in forward markets to protect against falling prices.

* October 1999 – Gold reaches a two-year high at $338 after agreement to limit gold sales by 15 European central banks. Market sentiment toward gold begins to turn more positive.

* February 2003 – Gold reaches a four and a half year high on safe-haven buying in run-up to conflict with Iraq.

* December-January 2004 – Gold breaks above $400, levels last traded in 1988. Investors turn to gold as risk insurance.

* November 2005 – Spot gold breaches $500 for the first time since December 1987, when spot hit $502.97.

* April 11, 2006 – Gold surpasses $600, the highest since December 1980, with funds and investors jumping into commodities on a weak dollar, firm oil prices and geopolitical worries.

* May 12 – Gold prices peak at $730 an ounce with funds and investors pouring money into commodities on a weak dollar, firm oil prices and political tensions over Iran’s nuclear ambitions.

* June 14 – Gold falls 26% to $543 from its 26-year peak after investors sell out of commodity positions.

* Nov. 7, 2007 – Spot gold hits 28-year high: $845.40/ounce.

* Jan. 2, 2008 – Spot gold breaks above $850.

* March 13 – Benchmark gold contract trades over $1,000 for the first time in the US futures market.

* March 17 – Spot gold hits an all-time high of $1,030.80 an ounce. US gold futures touch record peak of $1,033.90.

* Sept. 17 – Spot gold rises almost $90/ounce, a record one-day gain. Investors seek safety amid equity market turmoil.

* Feb. 20, 2009 – US gold futures rise back above $1,000 an ounce to a peak of $1,005.40 as investors turn to gold as major economies face recession and equity markets tumble.

* Sept. 8 – US gold futures hit $1,000 an ounce for the first time since February as the dollar’s weakness, concerns about the sustainability of global economic recovery and worries about future inflation underpinned sentiment.

* Nov. 3 – Gold crests $1,080 an ounce, defying dollar strength as the International Monetary Fund’s 200-tonne sale of gold to India’s central bank boosts sentiment.

* Nov. 6 – New York gold futures rise to a record above $1,100 as the dollar eases in the wake of weaker-than-expected US non-farm payrolls data, while spot gold hits a record high at $1,100.90 an ounce.

* Nov 26 – Spot gold rises above $1,192.60 per ounce, extending gains from the day before.

* Dec 1 – Gold hits record highs of $1,198.70 an ounce in Europe, as the dollar weakens against a basket of currencies after policy comments from the Bank of Japan.

* Dec 3 – Spot gold price rises to $1,227 per ounce.

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