Gold, Crude Oil Reach Record Prices

Gold traded to a record $861.80 per ounce Wednesday, closing at $856.70. The price of gold soared 31.5 percent in 2007. Silver rose above $15 per ounce, closing at $15.31, while platinum, which saw an overall rise of 34 percent in 2007, also increased to $1,548 per ounce before closing at $1,539.

The rising precious metal prices were joined by crude oil, which reached a record-high of $100 a barrel. The price of crude calmed before it closed at $99.62 on Wednesday.

Analysts attribute the rise to acute geopolitical issues – violence in the center of Nigeria’s oil industry, Africa’s biggest oil producer and unrest in Pakistan. The weakening dollar was also cited as reason for the price increases.