Gold nears $1,000 an ounce

March 5, 2008 - PRLog -- Gold prices have hit new records as investors seek refuge from inflation and weak stock markets

Gold prices have risen by 18 per cent this year and yesterday approached the $1,000 an ounce level with spot gold as high as $989.30.

Expectations of more US interest rate cuts, volatile stock markets and rising energy costs pushed more investors to shift funds into metals.

"As long as the dollar remains under pressure, I would expect that gold prices would continue to rise," Michael Widmer, metals analyst at Lehman Brothers told the Guardian.

The price of gold has increased by 36 per cent since September 18 last year when Federal Reserve chairman Ben Bernanke made the first of five cuts in the US interest rate

The cuts increase the appeal of gold as an alternative investment to other dollar-denominated assets, and raise inflation concerns.

Further analysis of the gold market could be supplied by Aranca, an end-to-end provider of on-demand, custom investment, business and economic research.

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