Gold prices Monday, Oct. 25, rose, receiving support from a weak dollar against other key currencies, according to the auction.
December gold futures in trading in New York Comex Exchange following Monday went up by 0,7% – to 1,338.9 dollars per troy ounce.
The dollar to a basket of six currencies of countries – major U.S. trading partners on Monday fell by 0.6% – up 77.07 points.
In addition, a positive impact on the metal price increased physical demand.
“One positive factor is the weak dollar, but also helps good physical demand for gold” – quoted by Bloomberg opinion economist Standard Bank Plc Yuichi Ikemidzu (Yuichi Ikemizu).
Since 2010 gold has risen in price by 22%. In addition, gold is able to demonstrate the rising cost of the tenth consecutive year that will be the longest period of increasing prices of the metal, at least since 1920. Rise in price of gold in recent years was caused by the increase in volatility in global financial system, economic crisis and the beginning of this year, the main “engine” of growth of prices for the metal has become a debt crisis in Europe.
During the crisis in the economy of the gold is particularly popular with investors who see it as a more reliable alternative to volatile currencies and subject to severe fluctuations in shares of companies.
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