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Commodities: Gold soars again

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Date: Thursday 28 Feb 2008

LONDON (ShareCast) - Gold prices jumped to record highs on Wednesday after the dollar fell to is lowest level against the euro.

Inflationary concerns are helping commodities, especially gold as investors switch to safer investments.

Gold for April jumped to a new all-time record of $967.70 an ounce before profit-taking eased it to settle at $961, which was still up $12.10.

Crude futures moved back down from the $100 a barrel mark after the weekly report on inventories.

The Energy Department's Energy Information Administration said US crude inventories rose 1% to 3.2m barrels and gasoline inventories rose more than expected to 232.6m barrels.

Light, sweet crude for April delivery fell 1.24 dollars to settle at $99.64.