New Record Price For Gold

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Etoro

Once again the price of gold has surpassed record highs, trading as high as $1,609.30 per ounce at eToro during the Tuesday trading sessions. The new record price for gold has come about largely due to weakened dollar and the troubled euro, as commodities and Forex traders sell dollars and euros in favour of the safe haven commodity that is gold.

Even though gold prices have retreated a little since Tuesday, at the time of writing this article gold was being sold for $1,589.53 at eToro, with no sign of a landslide fall in the precious metal’s fortunes anywhere in sight. Gold’s most recent charge is mainly due to economic issues and weak currencies on both sides of the Atlantic.

This afternoon news broke that European Union leaders have decided to let Greece default on their enormous £93.5bn debt, which was deemed the only option to preserve the single European currency from collapsing altogether. This massive hit for the euro sent Forex traders across the world hurrying for the ‘sell’ button following earlier buying as Forex traders speculated the possibility of a brighter outcome.

So will the gold bubble burst or will the ever-popular precious metal continue to benefit from the faltering safe haven currencies? As we mentioned, the price of gold has fallen over the last couple of days but, this may be due to Forex traders attempting to predict the outcome of today’s Greek bailout meeting, selling gold and favouring currencies in a bid to make a quick profit.

If you want to trade gold, other commodities or a huge choice of Forex currency pairs, all with tight spreads and no-commission selling visit www.etoro.com. eToro is one of the world’s leading online Forex brokers and is the perfect place to start your Forex trading career due to the excellent support and training available when you open a new trading account with them.