Gold passes $1,000 per ounce
by Elaine Frei

The price of gold in New York rose above $1,000 per troy ounce Friday, for the first time in almost a year, as investors looked for safe places to put there cash amid falling equities markets and concerns about the global financial sector.
Most of the soaring demand for gold is due to investment rather than purchased by jewelry makers as investors worry that either the proposed government stimulus packages will not be enough to right the economy or that stimulus spending will send inflation higher.
April gold was $25.70 higher to $1,002.20 per troy ounce in New York while March silver was up 56 cents to $14.49 per troy ounce and April platinum gained $19.20 to $1,089.50 per troy ounce.
On the other hand, copper was down for the second week in a row as London Metal Exchange inventories grew to their highest level in over five years, showing that demand is not recovering.
May copper dropped 6 cents to $1.43 per pound in New York, while three-month contracts were $120 lower to $3,170 per tonne in London.
Copper prices have fallen 12.3 percent this week and last.
Add to Bookmarks:
Related posts to: Gold passes $1,000 per ounce
Hathor updates on Midwest NorthEast project ...
Gold peaks above $1,000 per troy ounce ...
Gold gains on safe-haven status ...
Platinum briefly tops $1,000 per ounce ...
Investment driven period for gold ...
Latest Metals News:
US pending home sales data helps copper prices
Positive data chases gold prices lower
Gold gains on search for safetey ahead of economic data
Gold gains as US dollar weakens
Gold prices fall on US jobs news
US durable goods orders, new home sales drive metals price moves
Gold gains, copper drops on US home sales data
Copper prices fall on economic, demand concerns
US unemployment numbers hurt copper prices
Copper prices gain on more inventory declinesPrevious: « Copper rises as precious metals decline
Next: Copper gains on lower LME stockpiles »
Visited 4578 times, 1 so far today