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Finally.

Gold futures hit $1,000 an ounce for the first time Thursday morning as the dollar continues to decline and crude oil prices rise.

Gold futures hit the benchmark after the dollar fell below 100 yen during Asian trading Thursday, its weakest against the Japanese currency in 12 years. The dollar also sank to all-time lows against the euro.

Gold has been pushing up against the $1,000 an ounce mark for weeks mainly due to the weaker dollar. Interest rate cuts - and the prospect of more on the way - have weakened the dollar so much that foreign investors can buy dollar-based commodities like gold more cheaply.

Posted by edelfenbein at March 13, 2008 9:37 AM