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'Increase Demand and Price Of Gold Due To Weak Dollar' demand for gold

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Increase Demand and Price Of Gold Due To Weak Dollar

-- demand for gold

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12/09/09 20:01

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Increase Demand and Price Of Gold Due To Weak Dollar

Gold had hit $1,201.63 (Ł722.69) an ounce on the London Bullion Market. The increase demand for gold had been fueled by moves of the central banks to diversify assets. ~~

And because the dollar is currently weak, it makes gold cheaper for users of rival currencies that eventually stimulates demand for the precious metal, this pushes the gold's price in dollars.

In addition to this, gold price is driven higher after Sri Lanka bought 10 tonnes of IMF gold for $37m.

Check out the link below to read more.

Link: BBC News - Weak dollar pushes gold to record $1,201.63

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