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Home arrow Business arrow Gold prices hit record high
Gold prices hit record high Print E-mail
Wednesday, 09 June 2010
Gold prices have reached a historic level on London's market, with one ounce of gold jumping from US$1215 to US$1248. Its price on Wednesday's closing of the US stock market hit US$1238.05

Bloomberg news noted that investors have shifted to gold as a replacement for currencies amid rising fears of the escalating debt crisis in Europe.

Two days ago in Egypt, one gram of 21 carat gold reached LE196, up from LE191, while 24 carat gold increased from LE 218 to LE224, and 18 carat gold rose from LE163 to LE168.

On his part, head of the gold and jewelry section at the Egyptian Federation of Chambers of Commerce Amir Rizq attributed the increase to a severe downturn in Arab and international markets

Rizq said that "The local market is experiencing a state of stagnancy due to high prices"

HE explained, has prompted customers--who are currently preoccupied with their children's exam season--to wait for a drop in prices.

 

 

 

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