New High For Gold Prices
Source: Agencies |
August 10, 2011, Wednesday
|
Print Edition
Print Edition
GOLD prices pushed to new heights yesterday as investors digested the possible consequences of the lowered United States credit rating and Europe's debt crisis.
Some investors view gold as a safer bet amid rising worries about debt levels of the major economies and tumbling stock markets. Its value, unlike that of a currency, doesn't hinge on whether countries can make their bond payments, or on the vigor of their economies.
In US midday trading, gold futures rose US$19.50, or 1 percent, to US$1,732.70 per ounce after setting a record of US$1,782.50 earlier yesterday.
The falling appeal of the US dollar and nervousness about flagging global growth have helped propel gold.
Some investors view gold as a safer bet amid rising worries about debt levels of the major economies and tumbling stock markets. Its value, unlike that of a currency, doesn't hinge on whether countries can make their bond payments, or on the vigor of their economies.
In US midday trading, gold futures rose US$19.50, or 1 percent, to US$1,732.70 per ounce after setting a record of US$1,782.50 earlier yesterday.
The falling appeal of the US dollar and nervousness about flagging global growth have helped propel gold.
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