Gold Up $31, to $377 an Ounce

A rumored threat to pull Arab cash out of dollars in response to the war of words between the United States and Libya helped send gold soaring nearly $31 an ounce today to $377, its highest level since June, 1984.

Gold was set at $359.60 at the official morning fixing in London, which was extended to an hour compared to the usual 10 minutes. It quickly climbed to a high of $377, up nearly $31 from Wednesday’s close at $346.25, then eased to $362, where it closed.