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New all-time high for gold

Price of the metal continues to soar as stocks take a battering.

June 9, 2010 3:23 by

The price of gold has hit a lifetime high, reports Gulf News.

The precious metal hit Rs 19,010 per 10 grammes in India (that’s AED 1,482), and against the dollar moved above $1,250 an ounce. As concern over Europe’s economic outlook has spread to stocks and shares, investors have moved to lower risk investments such as the yellow brick.

Emirates Business reports that gold sales in Dubai remain constant despite the high price. “Sales have remained stable so far. We will have to wait to understand the long term impact [of the trend],” Chandu Siroya, the Vice-Chairman of the Dubai Gold and Jewellery Group (DGJG), told the paper.

“The persistence of EU sovereign risk, which appears to be spreading to non-EU nations, combined with heightened investor risk aversion and a steadily sinking euro, makes gold attractive,” said HSBC analyst James Steel.

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