Gold prices Rise, print a New Records
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Gold futures prices surged to touch a record high, U.S. $ 1,697.70 an ounce. Gold prices rose following the high demand after the U.S. dollar declined due to falling U.S. debt rating. On Friday, Standard & Poor's lowered the long-term U.S. credit rating from AAA to AA +.
Gold futures for December delivery, in electronic trading on the Comex in New York, rose $ 36, or 2.2 percent, to U.S. $ 1,687.80 an ounce on Monday morning, August 8, 7:40 pm Tokyo time. These prices declined slightly after touching the highest price.
"Demand for gold will likely continue to rise following cuts in U.S. debt rating," said Edel Tully, an analyst at UBS AG, as quoted by Bloomberg. "Previously we predicted in one month the price of gold will rise to U.S. $ 1,725. However, it may easily be met in the short term."
Stock prices and oil futures also fell. Last week, investors dumped shares on fears rising debt in the U.S. and Europe. Therefore, according to Tully, is likely to occur hunt physical gold from the U.S. and European investors as a measure of wealth rescue.
Posted by Anggo82
on Wednesday, August 10, 2011. Filed under