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Gold above $800 as dollar hits record low vs euro Miho Yoshikawa Gold firmed and held above $800 an ounce on Thursday, regaining strength as worries over credit markets and slowing U.S. growth raised its appeal as an alternative investment. Spot gold rose to $804.70/805.40 an ounce from $799.80/800.50 late in New York, when it gained nearly $6 on a tumbling dollar and near-record crude oil. Koji Suzuki, a market analyst at Kazaka Commodity Co Ltd, said the gold market was focused on how the currency and crude oil markets were likely to move after traders returned from this week's holidays. U.S. markets are closed on Thursday for the Thanksgiving holiday, while those in Japan will be closed on Friday for a national holiday.
"Whatever happens gold prices will be stuck at high levels," Suzuki said. Dealers pegged immediate resistance at $809, with near-term support levels seen at $797 and $780. Charts indicated gold was moving away from oversold territory and heading towards a 28-year high of $845.40 hit on November 7.
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