Gold breaches $1 000 | The Rand Today

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Thursday, 13th March 2008 at 9:36 pm by Rander

Gold breaches $1 000

As the market had predicted, the price of gold reached a record high of $1 000.45 today. The price of gold has been rising over the last couple of weeks largely due to investors investing in commodities such as gold as they ‘run away’ from the volatility of the world stock markets currently being experienced. Not only are the world markets affecting the gold price but the value of the US dollar and fears of a recession in the US are also contributing factors.

Gold has risen by about 17% so far this year, underscored also by supply problems in South Africa - which is one of the world’s largest producer of this precious metal.

At the start of January, the metal jumped above 850 dollars per ounce, smashing a 28-year-old record, and has been on an upward trend ever since.

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