NEW YORK — Gold prices soared again Wednesday, closing in on $1,700 an ounce, as worries that governments won’t be able to grow their way out of debt caused a rush into the safe haven asset.
Gold for December delivery rose $21.80 to settle at $1,666.30 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,675.90 and as low as $1,654.40 while the spot gold price was a bit less enthusiastic adding only $3.50, according to Kitco’s gold index.
Silver prices closed up $1.66 to $41.75 an ounce.
The US Dollar index was down 0.69% at $74.02 while the euro was up 0.75% vs. the dollar.
Filed under: Credit Crunch, Deflation, Depression, economics, Economy, Gold, Silver | Tagged: Debt, Deflation, Dollar, Gold, Kitco, Silver |
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