Tuesday, May 09, 2006
Gold prices surged to a new quarter-century high of US$700 an ounce Tuesday as funds bought into the market, driven by tension between the United States and Iran and expectations of a pause in interest rate hikes. Iran's president wrote in a letter to U.S. President George W. Bush that democracy had failed worldwide and lamented "an ever-increasing global hatred" of the U.S. government. Secretary of State Condoleezza Rice rejected the letter Tuesday, saying it didn't resolve questions about the country's nuclear program. (See Canadian Press:
Gold hits US$700 an ounce; highest level since 1980 as funds buy into market
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Tuesday, May 09, 2006
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