By Erika W.
The price of gold soared to a record high of $1,722.40 per ounce on August 8, 2011. The gold price is now on par with platinum, which was trading at a spot price of $1,712 per ounce today. In a recent Bloomberg interview, John Taylor, founder of FX Concepts LLC, predicted gold prices will reach $1,900 per ounce by October of this year.
Comex gold futures prices ended the U.S. day session in very strong fashion and hit another all-time record high of $1,722.40, basis December futures, as of this writing. The precious yellow metal saw strong safe-haven investment demand after the U.S. got a credit downgrade late Friday and as the European Union attempts to contain its own escalating debt crisis.
The price of gold stood at parity with sister metal platinum for the first time since the end of 2008, as the yellow metal’s value soared to a new record.
Mitsui analyst David Jollie said the closer price levels now held by the pair will “be interesting for the jewelry industry in particular, where there is some competition between gold and platinum.”
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