Gold Price Sets Records in Dollar, Pound & Euro amid "Growing Risk" of Euro Credit Crunch - 3 August 2011
The Gold Price hit a record $1672 per ounce Wednesday morning in London – a 2.7% rise from last Friday's close.
The Gold Price at the London Fix meantime hit four figures in all three currencies – the Dollar, Euro and Pound – for the first time in history on Monday afternoon. The Gold Price repeated the feat this morning, where prices per ounce were $1667.50, £1016.77 and €1163.40 – a record in each currency.
Silver Prices hovered around $41.15 per ounce Wednesday morning – 3.2% up for the week so far.
Stocks, commodities and US Treasury bonds all fell as fresh sovereign debt fears hit Italy and Spain.
"Looks like the crisis [will] just bounce back and forth between both sides of the Atlantic," says a Hong Kong bullion dealer.
"This crisis, unfortunately, seems to be spreading to Italy and Spain," agrees Jesper Dannesboe, senior commodities strategist at Societe Generale.
The Gold Price "is reacting to this and that is the main driver right now."
The Gold Price at the London Fix meantime hit four figures in all three currencies – the Dollar, Euro and Pound – for the first time in history on Monday afternoon. The Gold Price repeated the feat this morning, where prices per ounce were $1667.50, £1016.77 and €1163.40 – a record in each currency.
Silver Prices hovered around $41.15 per ounce Wednesday morning – 3.2% up for the week so far.
Stocks, commodities and US Treasury bonds all fell as fresh sovereign debt fears hit Italy and Spain.
"Looks like the crisis [will] just bounce back and forth between both sides of the Atlantic," says a Hong Kong bullion dealer.
"This crisis, unfortunately, seems to be spreading to Italy and Spain," agrees Jesper Dannesboe, senior commodities strategist at Societe Generale.
The Gold Price "is reacting to this and that is the main driver right now."
http://goldnews.bullionvault.com/gold_price_080320112
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