Gold tops $800 for first time in 27 years
Gold topped $800 an ounce Wednesday after the U.S. Federal Reserve lowered its benchmark federal funds interest rate a quarter-point to 4.5 percent.
An ounce of gold had closed up $7.60 at $795.30 an ounce on the New York Mercantile Exchange. It then rose to $800.80 in after-hours electronic trading before easing back just below $800.
Moments before the Fed lowered interest rates gold was up $5.60 at $793.40 an ounce.
Gold last topped $800 an ounce in January 1980, when prices reached as high as $875. // Copyright 2007 by United Press International
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