Washington: Gold prices continued their record-setting pace Friday, as investors remained nervous about the slowing in the global economy.
At one point gold topped $1,880 an ounce on its fifth straight day of increases. The price has risen about 30 percent this year and demand is expected to remain strong.
Several analysts have raised the possibility of another recession because of slower growth in the U.S. and unresolved sovereign debt problems in Europe. A recession is usually defined as two consecutive quarters of negative economic growth, measured by a country’s gross domestic product.
Gold for December delivery rose $30.20 on Friday to finish at $1,852.20 an ounce after earlier reaching $1,881.40 an ounce. The price is a record high in dollars but remains below the 1980 peak when adjusted for inflation.
When there is uncertainty about the economy, investors often buy gold because of its reputation as a more stable asset. Central banks around the world have been net purchasers of the precious metal as they try to diversify reserves.
Dear TNT Reader,
At The News Tribe, our mission is to bring you free, independent, and unbiased news and content that keeps you informed and empowered. We are committed to upholding the highest standards of journalism, as we understand that we are a platform for truth.
Apart from independent global news coverage, we also commit our unique focus on the Muslim world. In an age marked by the troubling rise of Islamophobia and widespread misrepresentation of Muslims in Western media, we strive to provide accurate and fair coverage.
But to continue doing so, we need your support. Even a small donation of 1$ can make a big difference. Your contribution will help us maintain the quality of our news and counteract the negative narratives that are so prevalent.
Please consider donating today to ensure we can keep delivering the news that matters. Together, we can make a positive impact on the world, and work towards a more inclusive, informed global society.
Donate Monthly Subscription Annual Subscription