The price of gold rose to its highest level in 2010 on Tuesday, April 27th trading yesterday. Challenging the sharp strengthening of the dollar, because the decline in long-term debt ratings of Portugal and Greece to trigger a breakout that are considered safe investments.
Spot gold reached its highest peak since December 4 and reached USD1.172, 05. The price of gold was USD1.170, 95 at 3:53 (1953 GMT), against USD1.153, 38 in New York on Monday. Meanwhile, with European countries, the price of gold reached 889.53 euros an ounce, 768.86 pounds, and the Swiss franc at 1274.72 francs.
As quoted from Reuters, Wednesday (28/04/2010), the global economic uncertainties and concerns about the viability of paper currency also lifted gold to record highs as well as euro, sterling, Swiss franc and Australian dollar.
“The current risk-averse investors, and they try to invest into something more stable, like gold,” said a trader at Heraeus Precious Metals Management in New York, David Lee.
The news sparked selling in global equity markets in which one of them makes Wall Street fell 2.5 percent. “There are some concerns that the euro zone may not heal for a long time. The people bet on economic recovery story has pushed metals prices rise,” said Lee.
Commerzbank analyst Eugen Weinberg also said that even if the gold price this increased risk is supported by higher debt in the euro zone countries after the recent downgrade by S & P. Portugal
great post as usual!
Price of gold rised again. Do you think it will rise more? Euro is falling. Should we buy bullion now at that high prices? Look at that charts of gold prices here or at Kitco. What should I do?
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