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Jul 18, 2011

Wow! Gold price reaches U.S. $ 1,600 more per Ounce

London - Gold prices redo record for the highest scoring record in 1980 after breaking level of U.S. $ 1,600 per ounce in trading on Monday (18 / 7).

For delivery in August, gold rose U.S. $ 9.85 or 0.6% to U.S. $ 1603.4 per ounce. Increase of 11 consecutive days in July 1980 never happened in the past.

"The market showed concern unresolved debt problems. Investors are happy to buy gold and is predicted to reach U.S. $ 1,700 per ounce by the end of the year," said the head of forex trading at MKS Finance and metals, Bernard Sin, who quoted from yahoofinance.com.

President Obama has pressured congressional leaders to agree on cutting the deficit multitriliun U.S. dollars. This was done on August 2 to raise the limit on the debt. Concerns investors feared the U.S. crisis will be more than Lehman Brothers Holdings Inc. collapsed in 2008 while ago.

The EU will also have a meeting on 21 July in Brussels to discuss the financial stability of the region. The second summit meeting in July was in line with the increasing deterioration of bond yields in Europe.

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