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Gold On The Rise – Breaks $1000 Barrier

Gold    Concern about a possible US recession fueled by a weak US dollar have seen the price of gold reached a record, trading at $1,000 an ounce for the first time.

The price of gold has been rising in recent months due to the weakening US dollar, the slow down in production in gold mines, particularly in South Africa and the increase in inflation.

The metal have been increasing by 20% since the beginning of the year having rose 32% in 2007.

Gold is traditionally denominated in US dollars althought the currency stopped being backed by gold in 1971. The ongoing wakening of the dollar against other currencies of the world, paricularly the yen and euro in recent days has driven investors to flock to the metal as a means to protecting themselves.

Gold futures for April delivery gained $4.60 or 0.5% to $998.40 an ounce on the Comex division of the New York Mercantile Exchange.

The price reached $1001.45 an ounce yesterday.

Historically gold has failed to keep pace with inflation. After hitting the $847 mark in January 1980, gold fitures fell 70% to $253 in Aug 1999.

Even so gold may continue to soar. The shiny commodity has long been a saft haven for investors worried about the economy.

And 1980 is proof that gold prices could go up. Though gold has never been traded at a higher price, the $847 level in 1980 would be worth $2170.00 in today’s money.More than double the current price of gold.

{Adapted from International Press Reports}

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