Sunday, April 24, 2011

Gold hits record high

Source: Press TV

Global gold prices have hit a record high, topping $1,508 per ounce for the first time ever as a weak dollar boosted the metal's demand as an alternative investment.

Spot gold surged to an all-time high and silver rallied to its strongest level since 1980 on Friday as the dollar slid to a three-year low against a basket of major currencies and oil prices rose, Reuters reported.

Gold prices have risen 5.4 percent so far this month and are on track for a sixth straight week of gains, reflecting strength across the commodity markets.

Analysts say the hike in the price of gold will add fuel to the flames caused by concerns over the United States' economic outlook, rising inflation, worries over the euro zone debt crisis, and the lowest-ever interest rates in the US.

"On the basis of everything that is going wrong — a possible downgrade in the United States, the situation in Libya not getting any better, the general feeling about the global economic situation — I think gold is going to go higher," said London-based ANZ Bank analyst Peter Hillyard.

Brent crude also rose above $124 a barrel as US crude stocks fell unexpectedly in the last week and the dollar weakened.

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