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Catherine Angiel


'Gold Hits Record Peak Amid Economic Concerns' September 19 2010, 0 Comments

New York—Gold prices hit $1,273 per-ounce Thursday, amid concerns about slow economic growth, with some analysts reporting that the price could top $1,300 an ounce.

The $1,273 figure, which referred to gold for December delivery, was actually a decline from the $1,279 per-ounce trading prices that took place earlier in the day Thursday.

According to media reports, the prices are being driven up by sluggish U.S. job growth, mixed results in the manufacturing sector and the weakness of the U.S. dollar as compared to other currencies such as the euro. The weak dollar, for one, encourages foreign investors to trade in gold, since commodities are priced in dollars.

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