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Gold and oil surge, seen even higher Nick Trevethan SINGAPORE -- Oil notched yet another record and gold blew past the $790 an ounce mark on Monday as speculators extended last week's spree hoping to capitalise on tensions in the Middle East, dollar weakness and supply problems. And analysts said bullion and crude could have a crack at $800 an ounce and $100 a barrel in the near future. "It is extremely likely gold will get through $800 in the short term -- over the next few weeks -- maybe even sooner," Peter Richardson, strategist at Craton Capital, a Europe-based fund, said. "Oil at $100 is also looking likely over a similar timeframe," he added. US light crude for December delivery jumped by more than $1 to touch a record high of $93.20 a barrel. Oil prices have soared by more than a third since mid-August, when they stood below $70.
Gold, not to be outdone, touched $794.40, its highest level since January 1980. "I think the market will aim for $800," said Darren Heathcote of Investec Australia in Sydney. "I suspect there will be some selling pressure just before, should we get that high. But certainly, the fundamental reasons are still holding good that oil prices are high and there's geopolitical concern and the dollar is weak," he said. The dollar plumbed to new depths against the euro at around $1.4427 on expectations the US Federal Reserve will pare another 25 basis points off interest rates this week. Against Canada's loonie, the dollar hit a 33-year low and the Australian dollar vaulted as high as $0.9254, the highest since 1984.
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