Gold Reaches Record Price At $1,300/Ounce

Gold Reaches Record Price At $1,300/Ounce


Asia Bizz: Gold Reaches Record Price At $1,300/Ounce

The Gold rates in the US has reached a record price of $1,300/ounce, and silver has touched a 30 year high rate. The massive rise in the price of gold has caused worries in the market and the economy, that the buying of the metal will be affected greatly by other countries. India, which is the highest consumer of Gold, has shown no signs of despair, as buying and purchase has heated up in the country due to the ongoing festive seasons.

Silver on the other hand which is said to be the poor man’s gold, is at the highest in 30 years, pricing itself at $21.60 an ounce. Silver is largely consumed for industrial purposes all over the world, but in many Asian countries it is also used as jewelry.

The dollar brought shame once again to America, as it fell to a five month low against the Euro. The Dollar has been wobbling badly since couple of months now, as it had registered itself on a record low against the Yen last month. The Gold rates indeed will be playing an important role in economy of the US, especially in the coming future.