Gold Prices in 2011, Highest In History

The increase of gold prices of present is the highest in history

LONDON - Gold prices reached  to USD 1600 per troy ounce. This caused by the anxiety to the crisis that occurred in Europe and the U.S. which increasing the gold demand as a hedge. Other causes were due to the gold prices in the euro and the pound that also rose to its highest level in history.

"The situation in Europe and problem of the U.S. debt limit, is still be the main focus of the investors," said Ben Westmore, minerals and energy economist at National Australia Bank Ltd.

In noon of July 18, 2011, the contract of the gold prices for quick delivery rose USD 6.55 or 0.4 percent, to USD 1600.10 per troy ounce. However, on 08:26 London time, the price of gold back fell to USD 1596.88 per troy ounce.

Gold prices has increased throughout 11 days lately. The increase of this time is the longest period of the gold prices increase since July 1980. Meanwhile, contract the price of gold for delivery in August 2011 rose 0.5 percent to USD 1597.50 per troy ounce on the Comex, New York, after happened the highs record on the gold price at 1601 U.S. dollars per troy ounce.