Record high oil prices are being identified as the leading factor behind the bull run that saw gold prices soar above $820 yesterday and rise today (November 7th) to exceed $830 per ounce.
The remarkable rise of gold buying has been a symptom of inflated oil prices, experts say, with crude now trading near on $100 per barrel and liable to rise further still.
Rumors of declining US supplies have granted crude oil a sense of scarcity that has sent its price through the roof with a breach of the $100 mark likely if American supplies prove as low as feared and OPEC continues to hold back on upping its volume.
Higher oil prices have gone hand in hand with stock markets paring down, as both the New York Stock Exchange and Nasdaq saw declining stocks outnumber those advancing by wide margins.
Inclement weather conditions have added to the oil-driven woes of stock markets, with storms in Mexico disrupting local production last week and now North Sea oil platforms facing evacuation amid adverse weather forecasts.
Oil prices have revealed themselves to be hugely sensitive to changes in supply, with gold shooting up when crude shortage fears have raised its price and spread inflationary concerns.