Gold price hits new high
BANGKOK, 12 April 2011 (NNT) – The global gold price has hit a new all-time high of 1,476 US dollars per ounce due to speculation while investors are suggested that they should exercise caution in gold trade as the price might plummet sharply.
Gold Traders Association President Jitti Tangsitthibhakdi attributed the new record high to investors’ speculation following a news report from India that its gold consumption has increased by additional 200 tons per year.
The president believed that the gold price was on an upward trend but would not go far since investors would be waiting to sell as long as the gold price is edging up. He expected that the gold price would not exceed 1,500 US dollars per ounce since the level was high and risky.
Read more: NNT
Even with the warnings of the drastic decline in gold prices I do not see people being that worried. It has been on the rise for so long and people will continue to buy until this decline actually happens.