Gold strikes record high above $1,700
Page 1 of 1 • Share
Gold strikes record high above $1,700
[You must be registered and logged in to see this image.]
HONG KONG: The price of gold struck a record high above $1,700 an ounce on Monday with dealers flocking to the safe haven metal as Asian stocks tumbled following Standard & Poor's downgrade of US debt.
The price of gold reached $1,704.30 an ounce in Hong Kong trade.
"People are just taking their money out [of other markets], especially from the dollar and euro and investing in gold and the Japanese yen," a Tokyo-based trader told.
Asian markets were sent spinning on Monday after S&P late Friday cut the United States' AAA rating by one notch, citing deep divisions in Washington over its long-term fiscal standing.
The turmoil has led investors to seek out less-risky gold at a time of economic uncertainty.
S&P's downgrade compounded already weak sentiment amid fears that the eurozone debt crisis will spread to other nations, while the United States has posted a series of poor data indicating an economic slowdown.
It has led some analysts to warn of another global financial crisis that could even be worse than that of 2008-09. (AFP)
HONG KONG: The price of gold struck a record high above $1,700 an ounce on Monday with dealers flocking to the safe haven metal as Asian stocks tumbled following Standard & Poor's downgrade of US debt.
The price of gold reached $1,704.30 an ounce in Hong Kong trade.
"People are just taking their money out [of other markets], especially from the dollar and euro and investing in gold and the Japanese yen," a Tokyo-based trader told.
Asian markets were sent spinning on Monday after S&P late Friday cut the United States' AAA rating by one notch, citing deep divisions in Washington over its long-term fiscal standing.
The turmoil has led investors to seek out less-risky gold at a time of economic uncertainty.
S&P's downgrade compounded already weak sentiment amid fears that the eurozone debt crisis will spread to other nations, while the United States has posted a series of poor data indicating an economic slowdown.
It has led some analysts to warn of another global financial crisis that could even be worse than that of 2008-09. (AFP)
Noor Bangash- Monstars
-
Posts : 868
Join date : 2011-07-13
Age : 34
Character sheet
Experience:
(500/500)
Similar topics
» Asian stocks rise, gold near record high
» Gold jumps to all time high at Rs 44,485
» Gold hits new record at Rs 54,850 per tola
» Gold soars to fresh record above $1,500
» Gold hits new record at Rs 54,850 per tola
» Gold jumps to all time high at Rs 44,485
» Gold hits new record at Rs 54,850 per tola
» Gold soars to fresh record above $1,500
» Gold hits new record at Rs 54,850 per tola
Page 1 of 1
Permissions in this forum:
You cannot reply to topics in this forum
|
|
Sat May 04, 2024 11:49 am by ali001
» house disrepair claims
Thu May 02, 2024 4:29 pm by Ibad Khan Buledi
» Bounce n Bang: Physics puzzler
Thu May 02, 2024 11:39 am by ali001
» AIChatSY - AIChatbot Assistant
Wed May 01, 2024 10:48 am by ali001
» Storybook Magic App
Tue Apr 30, 2024 7:06 pm by ali001
» Flower Book Match3 Puzzle Game
Tue Apr 30, 2024 12:17 pm by ali001
» Avian Influenza Symptom in Chickens "Bird Flu H5N1 Virus" Vet learning materials, Poultry Farming
Sat Apr 27, 2024 9:57 am by Ibad Khan Buledi
» Aloha Planner - Note-Taker
Thu Apr 11, 2024 4:52 pm by ali001
» Streaming Guide Film TV Series
Tue Apr 09, 2024 9:39 pm by ali001