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Gold Price Way Up
The price of gold has reached $719.65 per ounce, a 16-month high, after a five-week ascent that added around 8 percent to its price. The price jumped 1.8 percent in one day to reach the latest high.
The main reason for the price hike is increased inflation expectations caused by high oil prices and predictions of falling interest rates in state banks. Gold is selling for $723 per ounce for December futures contracts on the New York Mercantile Exchange.
The near record-high oil prices, with futures on light oil at $80 again, are profitable for Arab countries and large traders. Therefore, the gold trade is concentrated in the Middle Easy and European Economic Community. As economic instability continues, gold sales and U.S. Treasury Bonds will remain strong. Analysts say gold prices may hit $730-740 per ounce.
www.kommersant.com
All the Article in Russian as of Sep. 18, 2007
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