[REUTERS]NEW YORK - GOLD jumped above US$800 an ounce last Friday, for the first time since 1980, boosted by surging oil prices, a record-low US dollar and more fallout from the global credit market crisis.

'This market is definitely going to US$850 - you have my word on that,' said Mr Peter Hillyard, the head of metals sales at ANZ Investment Bank.

Spot gold stood at US$807.70/US$808.50, having hit a 28-year high at US$807.70. Most-active December gold on the Comex division of the New York Mercantile Exchange settled up US$14.80, or 1.9 per cent, at US$808.50, after racing to a high of US$811.

Traders said safe-haven buying had been enhanced by falling stock markets on worries about the sub-prime crisis. Dealers and analysts said that while the prognosis looked bright for gold, heavy profit-taking could be in the offing as speculators have taken major long positions on the New York Comex futures market.

REUTERS