2011-08-19

The spot price of gold rallied as much as $31.55 to $1,822.60 per ounce!

The gold price surged to fresh all-time highs Friday morning as risk aversion gripped financial markets across the globe. The spot price of gold rallied as much as $31.55 to $1,822.60 per ounce, eclipsing last week’s record high of $1,815.00. COMEX gold futures, per the December contract, reached a new high of $1,824.20 per ounce as of 9:15am ET.

Strength in the gold price was fueled by rising worries over the state of the euro zone and U.S. economies. Equity markets in Europe tumbled, with financial shares posting significant losses. U.S. markets looked to open considerably lower, with futures on the Dow Jones Industrial Average plunging 223.00 points, or 2.0%, to 11,158.00.

The gold price added to its gains this morning after weekly U.S. jobless claims came in at 408,000, above the consensus estimate among economists of 400,000. The prior week was revised from 395,000 to 399,000, while continuing claims rose to 3.702 million from 3.695 million. The disappointing employment data, coupled with a wave of worrisome reports in recent weeks, reinforced the view that the U.S. economy may be nearing a new recession.

0 comments:

Related Posts Plugin for WordPress, Blogger...

KLSE Info Zone

About This Blog

Malaysia Gold Investment

I found Gold Investment in Malaysia is a vary good tools to make profit when the market is down. I also found that Gold Price go up and down more slower compare to share market so to make money in long term, Gold is the right tools. This blog is all about Malaysia Gold Info and the way to make profi

Blog Malaysia

BlogMalaysia.com

  © Free Blogger Templates 'Greenery' by Ourblogtemplates.com 2008

Back to TOP