Enchantment of the gold price has not faded. This year analysts expect gold prices likely through 1300 U.S. dollars per troy ounce. The investors would transfer the funds from currency into precious metals.
Analyst with Standard Bank Plc, Bruce Ikemizu, rate, euro currency and the United States dollar might lose its appeal. Therefore, economic conditions in developed countries are still below the emerging market countries like China.
Currently there are no investment instruments that are fitted to replace the U.S. dollar and euro. Thus, according Ikemizu, the choice is gold.
“The U.S. no longer dominates the world economy. Now that drives the global economy is the growth of developing countries,” said Ikemizu in Japan, as quoted by Bloomberg, last week.
In trading on the New York Mercantile Exchange Friday (6/18/2010), the gold price in August delivery closed down 9.60 dollars scoop on 1258.30 dollars per ounce. This is the highest position in history. Even in the daily trading price of this precious metal touched a record high of 1263.70 U.S. dollars daily.
The current price for gold delivery, closed at 1257.20 dollars per troy ounce.