Gold News

Gold prices up

Gold closed up $6.90 in New York yesterday at $891.30 per ounce, making gold investment an attractive proposition for those looking for a safe haven.

The precious metal reached an all-time high of $1,030.80 in March before falling back. But increased demand and constraints on supply are causing prices to edge up again.

Indeed, the latest price increase follows the news that South African gold output fell by ten per cent in April compared with the same month last year.

Coupled with strong demand from people investing in gold across the globe in an effort to hedge against inflation and economic turmoil, such supply problems are expected to push prices even higher in the weeks and months to come.

In Pakistan The Post reports that gold is becoming too expensive even for the elite classes, who typically buy gold in the form of jewelry for weddings and other special occasions.

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