Gold prices rise to $1,285 an ounce
September 22nd, 2010 - 1:47 am ICT by Aishwarya BhattSep 21 (THAINDIAN NEWS) Gold prices keep pushing through the roof. The mineral sold for as much as $1,285.20 an ounce on Monday’s trading.
Gold’s strong drive is as a result of the deflating value of the United States dollar and the Euro. Fears that Ireland might also need the Greece style of bailout have increased investor’s dependence on gold. Investors are opting for gold because of the United States Federal Reserve’s announcement on Tuesday, that it will start another round of quantitative easing which will eventually lead to more dollars in circulation, further devaluing the country’s currency.
Investors are expected to start trading off their gold when the United States Fed stop announcing further monetary easing thereby easing the price of the precious metal.
Solving the problems in the United States alone might not ease the price of gold wholly. Recent survey by Barclays suggested that Ireland might need financial aid to get out of a possible financial crisis.
As gold pushes towards the $1,300 mark, another metal, Silver also moved up by 4.6% in price. Analysts expect gold to hit the $1,300 mark sometime soon or before it starts easing on its price.
- Gold prices reach a record high of $1,900 - Aug 23, 2011
- Gas Prices Spike Further Damaging the Economy - Dec 07, 2010
- Gold futures all set to fall - Sep 26, 2011
- US stocks stay low for straight day - Dec 15, 2011
- US gold and copper prices ease - Mar 13, 2012
- Gold rush before Dhanteras: Jewellers - Oct 23, 2011
- Wikileaks: Saudi oil reserves running low - Feb 10, 2011
- Japan's consumer prices drop a bit in December - Jan 28, 2012
- Gold emerges safe haven for investors (Comment) - Dec 15, 2009
- Gold emerges as a safe haven for investors (Comment-Lead, superseding previous story) - Dec 15, 2009
- India plugs trillion dollar opportunity in infrastructure (Daylead) - Jun 29, 2011
- Coal India IPO subscribed 34 percent, employee quota may go abegging (Lead) - Oct 18, 2010
- Putin calls US 'hooligans' for printing excess money - Jul 11, 2011
- Reliance Commercial Finance launches loan against gold units - May 09, 2011
- US stocks up after four straight weekly losses - Aug 23, 2011
Tags: bailout, barclays, circulation, currency, dependence, fears, federal reserve, financial aid, financial crisis, gold investors, gold prices, greece, metal silver, ounce, precious metal, price of gold, quantitative easing, s trading, united states dollar, united states federal reserve
