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Newest Gold Record Stands Above $1,300 Per Ounce

Release Date: 
Friday, September 24, 2010

 Over the past week, spot gold prices have continued trending higher, fueled by economic factors like a shaky dollar. On Friday, that trend continued with a new record that brought the precious metal beyond the important $1,300 per ounce milestone.

The Federal Reserve set the tone for the week on Tuesday with its acknowledgement that quantitative easing measures could be on the horizon, barring further economic improvements.

One of the results of that development was continued strength in the commodities markets, with precious metals among the beneficiaries.

For example, a report from AFP cited the new record price of spot gold - $1,300.07, which was achieved in early Friday afternoon trading on the London Bullion Market. The report also quoted analyst Filip Petersson of SEB Commodity Research as saying that "the underlying bullish trend in the gold market continues to be fueled by the high level of uncertainty regarding the United States and European economies."

Elswhere, a Bloomberg News report added that spot silver prices are enjoying their own upward momentum, having settled at highs last seen in 1980.
 

This news article is independently provided by Brafton and does not represent the views or opinions of Goldline International, Inc. Although the information in this news alert has been obtained from sources believed to be reliable, Goldline does not guar­antee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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