Price Of Gold Has Hit A New Record High

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Forexyard

Today the price of gold has hit a new record high of $1,422 per ounce as many traders choose to invest in the safe-haven that is gold. Traders at ForexYard saw the value of the precious metal climb following the US Federal Reserve’s announcement of a second round of quantitative easing measures. Gold prices continued to flourish despite the strength of the US dollar, and it was hitting new highs in other denominations too, coming in at EUR 1,020 an ounce and GBP 878 today.

As is normally the case, the price of silver has shadowed the price of gold, with silver prices hitting a 30-year high just shy of $29 per ounce. Other precious metals such as palladium have also been boosted by the weak US dollar and uncertainty surrounding the US economy.

As gold continues to strengthen and as currencies become more volatile Robert Zoellick, the World Bank President has suggested that gold be brought into the monetary system stating “we should consider employing gold as an international reference point of market expectations about inflation, deflation and future currency values.”

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