Gold hits 28-year high on back of oil

SINGAPORE - Spot gold surged more than 1 per cent to hit a 28-year high above US$832 an ounce on Wednesday after crude oil hit an all-time high around US$97 a barrel and the dollar held near record lows against the euro.

Gold hit an intraday high of US$832.25 an ounce, its best level since January 1980, higher than US$820.90/821.70 late in New York on Tuesday.

Gold, which has risen more than 25 per cent this year, hit an all-time high of US$850 in January 1980.

- REUTERS