Gold’s non stop ascent

Gold prices have again hit record levels, breaking the $1400 per ounce mark.

Gold prices have again hit record levels, breaking the $1400 per ounce mark.

This breakthrough was part of a three day rally, and an overall rise of six percent since last Wednesday after the US Federal Reserve revealed plans to buy $600 billion worth of treasuries to revive its flagging economy.

However, the action inflamed inflation fears.

Despite early trading where the gold price was forecast to drop at the end of last week, it continued to rally even as the US dollar strengthened against the Euro.

The spot gold price rose 1.1 percent to $1410.30 an ounce at 2:52pm EST yesterday.

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