Navtej Kohli Business Blog

Navtej Kohli found an interesting piece of news. Are gold prices really heading towards a record high?

 As oil price is rising and dollar declining, gold has climbed back over $900. But there’s not much more headroom.

Gold, which typically rises during times of economic uncertainty and inflation, hit an all-time high of more than $1,030 an ounce back in mid-March.

The price started to slip soon after that as credit crunch fears subsided. But it has been back on the rise this week partly due to the dollar’s weakness and stubbornly high oil prices.

A week ago, gold futures were trading at $866 an ounce. Today, they hit nearly $909 in mid-morning trading. That’s a 5% jump in just a couple of days.

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This entry was posted on Monday, June 23rd, 2008 at 10:04 am and is filed under Business News. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.