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Gold price climbs to record in world market

25 March 2011 09:47 (UTC +04:00)

Baku. Ali Ahmadov â€“ APA-Economics. Gold price are near record highs in the world market as violence in Libya and government crisis in Portugal. According to APA-Economics, it reached historic maximum - $1447.82 per ounce on March 24. Cash silver touched $38.165 an ounce, the highest level since 1980 ($50 per ounce) yesterday.

Gold may climb to a record for a second day as violence in Libya, a debt crisis in Europe and the aftermath of Japanâ€™s earthquake spurred demand for the precious metal as a store of value. U.S. and allied warplanes carried out further strikes against Muammar Qaddafiâ€™s ground forces as the leaderâ€™s loyalists increased their attacks on cities. Portugal moved closer to a bailout after Prime Minister Jose Socratesâ€™s offer to resign left his government in limbo as European Union leaders try to address the regionâ€™s debt crisis. â€œAs gold prices are near record highs, investors will definitely be tempted to take profits especially if news releases inject optimism in the recovery,â€ said analysts. U.S. Gold predicted further increase of precious metal prices and gold price above $5000 per ounce in the next 3-4 years.

The gold price rose 30% in 2010 and rise of gold price continues for successively 10 years.