Gold hits record high of $1,900 on global growth fears
LONDON. August 23. KAZINFORM The price of gold has crossed $1,900 per ounce mark for the first time on growing concerns about a slowdown in the global economy; Kazinform refers to BBC.
The precious metal rose 0.8% to $1,911.46 an ounce in early Asian trade.
Fears of a slowdown in the US and the debt crisis in Europe have spurred demand for gold which is seen as a safe investment in times of uncertainty.
Analysts said gold prices could rise even further.
"For the time being investors are happy looking at gold as safe haven in these troubled times, and will continue to do so until we see something positive and sustainable." said Darren Heathcote of Investec Australia.
Dollar vs gold?
Analysts said demand for gold was also being driven by speculation that the US Federal Reserve may announce new stimulus measures in a bid to boost the economy.
Central bank governors from across the globe are scheduled to gather for their annual meeting at the Jackson Hole summit later this week; Kazinform cites BBC.
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