Gold Above $950 an Ounce

An editorial on Gold prices

LINK: http://www.reuters.com/article/goldMktRpt/idUSL1792996720080417?sp=true

Last week, gold reached a high – selling for over $950 per ounce. According to Reuters’ Atul Prakash much of gold’s surge is due to high oil prices. It is of mutual opinion by investors and analysts alike that oil prices are an indication that we will reach $1000 per ounce for gold this summer as oil prices have reached over $115 a barrel and seems as if it is not leveling out.

According to Prakash, “gold often moves in the opposite direction of the dollar”. With the current worth of the U.S. dollar, this is an encouraging factor for the purchase of gold. The metal is considered a good “alternative investment and safe-haven asset” in this time of economic uncertainty.

In other precious metals news, Platinum rose to $2,063 per ounce last week, most likely due to “power problems in South Africa. Silver, on the other hand, fell to only $18.27 per ounce.