Gold prices continued to surge on Wednesday, hitting a fresh record close to $1,050 a troy ounce as investors bet that trading momentum would push the precious metal still higher. Barclays Capital said gold prices, which have risen 10% since the end of August, could reach $1,500 an ounce based on previous technical trading patterns. The surge comes despite signs of a sharp drop in jewellery demand in India – the world’s largest buyer of gold – Turkey, UAE and Italy.
This entry was posted by Gwen Robinson on Thursday, October 8th, 2009 at 4:32 and is filed under Capital markets, Commodities.
