The price of gold reached a historic high yesterday, on the London and New York exchanges, amid worries over the spread of sovereign debt in Europe.
The price of gold with August delivery climbed 20.60 dollars (1.3%) at 10:07, on Comex New York, to an all-time high of 1,582.90 dollar/ounce, falling to 1,581.80 dollars/ounce, at 10:17. The previous record high was reached on May 2nd: 1,577.57 dollars/ounce.
In London, the price of spot gold gained 11.03 dollars, reaching 1,578.72 dollars/ounce. Price later fell to 1,573.25 dollars/ounce.
It is worth mentioning that on Tuesday, the price of gold also reached a historic high in Euros and British Pounds: 1,123.50 Euros/ounce, and 988.33 pounds /ounce, respectively, as European leaders did not present any concrete measures to avoid the spreading of the Eurozone sovereign debt crisis.
Analysts consider that the price of gold will continue to rise, since the world is going through a very difficult period from a financial point of view.
This year, the price of gold gained 11%, for the 11th year in a row. Since 2008, the price of gold has almost doubled, as the US Federal Reserve has kept the policy rate at a record low (0-0.25%), and governments spent thousands of billions of dollars to prop up their economies. The European Central Bank has kept the interest rate low (1%), but this year it has already raised it twice - in April and July.
A.V. (Translated by Cosmin Ghidoveanu) The price of gold reached a historic high yesterday, on the London and New York exchanges, amid worries over the spread of sovereign debt in Europe.
The price of gold with August delivery climbed 20.60 dollars (1.3%) at 10:07, on Comex New York, to an all-time high of 1,582.90 dollar/ounce, falling to 1,581.80 dollars/ounce, at 10:17. The previous record high was reached on May 2nd: 1,577.57 dollars/ounce. @N_
