New High Of Gold Will Be Seen Soon

Gold touched a highest peak in 16 years Friday, opening the trade with $455 an ounce, but then ran into selling after the US dollar began to recover from record lows.

Analysts predict a new high of the gold price, because it is really following the euro-dollar more than anything.

"If the euro should hit $1.35 then we could see gold at $460. If it doesn't, then the gold price won't rise that much," Wrzesniok-Rossbach of Dresdner Kleinwort said.