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Gold approaches 28-year high, platinum at record Lewa Pardomuan Gold jumped to a two-week high on Monday on speculative buying driven by the prospect of further U.S. interest rates cuts, while platinum hit record highs on supply concerns in South Africa, the world's main producer. Spot gold rose as high as $828.70 an ounce, the strongest since November 12, before dipping to $824.60/825.30 an ounce, still up from $821.20/821.90 late in New York on Friday and within sight of a 28-year high of $845.40 hit earlier this month. Gold has rebounded more than 7 percent since falling to its lowest level in nearly a month at $772.60 on November 20, when weak stock markets encouraged investors to book profits from bullion's multi-year highs. "One has to suspect we're going to look to test the highs again at $845 in the days ahead," said Darren Heathcote of Investec Australia in Sydney.
"The only caveat being should the stock markets turn down sharply again, I imagine gold will be sold again to cover margin calls." Asian stocks bounced after four straight weeks of losses, with investors buying beaten-down banks as well as some of the region's top exporters, encouraged by a robust start to the U.S. holiday shopping period.
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