Gold hit its best level of $850 in nearly three decades on Wednesday as investors turned to precious metals as a hedge against inflation and a tumbling dollar.
Spot gold hit a bid high of $835.90 an ounce, its loftiest level since January 1980, before sliding to $834.90/835.70 an ounce, still higher than $820.90/821.70 an ounce late in New York on Tuesday.
Oil raced to all time-high of $98 a barrel on Wednesday on fears that falling world oil stocks and a North Sea production outage would strain supplies this winter.
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Gold on Its All-time Best Level
Gold hit its best level of $850 in nearly three decades on Wednesday