Gold shimmers up to $700 an ounce

The price of gold soared to a record $700 an ounce in early trading here Tuesday. Later, gold fell back to around $682.50 amid profit taking. A strengthening of the dollar in foreign- exchange trading contributed to the retreat, dealers said.

Gold's rise in New York followed a similar trend on the important London bullion market, where the metal's official price was set at a record $684 at the regular afternoon fixing session.