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Price of Gold surges to record high

The price of gold has surged to a record $1273 an ounce as investors look for safe havens ahead of a possible worldwide economic downturn and a potential double dip recession. The gold futures markets hit an intraday high of $1273 which was a rise of $24.70 on the previous day. If the price of gold was to close at this particular level it will be the largest price increase for an active contract since February 16 2010.

The price of gold is heading for a record 10th annual increase in a row as investors continue to look for safe havens with gold seen by many as the ultimate safe haven. However, it was only a few years ago that the UK gold reserves were dumped on the market, at a price significantly lower than the current level amid signs at the time that investor appetite for gold was diminishing. However, the situation has changed somewhat over the years!

The price of gold has also been impacted by the drop in the value of the dollar on exchange markets which makes the price of gold, converted into dollars, even more attractive. How far gold will push in the short to medium term remains to be seen but at this point in time there seems no end to the support for this valuable metal.

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