Gold hits new record
The price of gold has edged over the $900-mark for the first time as traders seek safe investments amid uncertainty surrounding oil.
The price of gold has edged over the $900-mark for the first time as traders seek safe investments amid uncertainty surrounding oil.
Gold hit a record $911.80 an ounce on the New York Mercantile Exchange this morning – a rise of $14.10.
The increase comes as sliver and platinum saw similar price rises amid fears over the declining value of the US dollar.
Analysts suggest that the lows experienced by the US currency, coupled with sterling's reduced strength against the euro and the spiralling price of energy supplies are accentuating the issue.
Gold has traditionally been viewed as something of a 'safe haven' for investors seeking to avoid the turbulence in the oil market and tumbling stock market values.
But the knock-on effect for jewellery providers, who are having to increase their own prices, may prevent the price from heading towards the $1,000-mark, as some market watchers are predicting.
Meanwhile, platinum hit a new peak, moving above $1,570 an ounce for immediate delivery.
Silver also continued its revival hitting its highest mark - $16.4188 an ounce for immediate delivery – for more than 27 years.