Gold Prices Update: Prices Above $1,700, Expected to Soar More in the Next Months

By on Aug 9, 2011 in Business, Economy, Finance, United States, World Comments

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Gold prices has risen from $1,620 last July to above $1,700 this August, and continues to soar as world economy, especially in the US and Europe, suffers from excessive debt, recession and instability. This was disclosed by international financial news reports, August 8, 2011.

According to financial experts, gold is considered the “most liquid” among commodities and is not in  abundance, making it a “safe haven” during economic crises. Gold prices has risen steadily within the past years from $250 per ounce in 2001 to more than $1,700 this 2011.

While gold prices soar, jewelry shops are apparently having difficulties selling the finished product as customers turn to silver for wedding rings and gift items. Shop owners confirmed that customers sell their gold instead, to get some cash for urgent expenditures.

Reportedly, gold prices are expected to ride higher in the next months as Europe’s excessive debts and recession are unlikely to end soon. Investment banks predict prices at $1,730 for every ounce or $2,500 per ounce at the end of the year.

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