Jul 17, 2011

Investors hunted, Gold Prices Continue to Skyrocket

Gold prices continue to skyrocket throughout trading on Friday, even to touch a record high in four decades. This occurs because the gold so the safest investments amid U.S. concerns about debt settlement.

The surge in gold prices has also been seen in the last two weeks due to investor fears of uncertainty in the European settlement of debt. And this week because of increased uncertainty in the U.S. debt problem.

In addition to gold, world oil prices also have also experienced a surge in the middle of the fall in U.S. consumer sector due kekhawtiran debt in Europe and the U.S..

"The longer a debt settlement is not resolved, then the investor will transfer the money into a safe haven like gold. Crude oil is also an option of investors," said HSBC analyst James Steel commodities as quoted by Reuters on Saturday (07/16/2011).

The price of gold in the spot market trading on Friday up 0.3% to U.S. $ 1,591.50 an ounce. Prices would still fail to penetrate the previous level at U.S. $ 1594.16 on Thursday.

As for futures trading, gold prices for August delivery rose 80 cents to as low as U.S. $ 1590.1 per ounce.

Besides gold, silver prices also rose 2.2% to as low as U.S. $ 39.02 per ounce, close to the highest level in two months amounted to U.S. $ 39.34.

The price of gold is estimated to be translucent record at U.S. $ 1,700 an ounce within the next few months.

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