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Gold hits US$1220 per ounce on fears of slow global recovery
Almasry Alyoum Published in Almasry Alyoum on 16 - 08 - 2010

Gold prices broke the US$1220-per-ounce mark on European markets on Monday, representing their highest level since early July.
Concerns about sluggish global economic growth has bolstered the demand for gold as a safe investment, say analysts, who note that a recent decline in the value of the dollar has also contributed to rising gold prices.
Meanwhile, Asian stock markets fell due to slow second-quarter economic growth in Japan, which has reinforced fears of a faltering global economic recovery, according to economic reports from the United States.
At 06:38 GMT, the price of gold in online transactions reached US$1219.15 per ounce, compared to US$1214.50 in late trading on the New York Stock Exchange (NYSE) on Friday.
The price of silver on the NYSE, meanwhile, rose from US$18.08 to 18.19 per once; platinum from US$1520 to US$1528.50 per ounce; and palladium from US$472 to US$477 per ounce.
Translated from the Arabic Edition.

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