Dubai: Gold prices have made another surge, shooting all the way to $2,016 an ounce as investors and funds pick up more of the asset at a time of intense global turmoil.
More analysts now are saying his particular momentum could see gold prices shatter the previous high of $2,032 an ounce and even make a dash to $2,100. The Dubai Gold Rate is at Dh226.75 a gram for 22K.
"Once $2,000 an ounce is cleared, the path to $2,100.00 will be laid open," said Jeffrey Halley, Senior Market Analyst at Oanda. "The stagflationary factors that are so supportive of gold are persisting and will remain so." (Stagflation relates to market conditions where inflation remains persistently high even as growth stalls. Unemployment levels too kick into a higher gear.)
More to follow...