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Gold Prices
The gold price fluctuates according to the growth in demand for jewelry. Nowadays, people the world over are investing more money in gold jewelry than before, as investing in gold is termed a solid asset. This increase leads to an increase in gold prices.
One factor that has an impact on the gold price is the weakening of the U.S. dollar. The fear that the U.S. dollar will continue to weaken has led to individuals investing in gold, and this in turn has led to the increase of the gold price. With the rise of oil prices, there has been a rise in inflationary pressures globally. As inflation is erosion on the value of money, people tend to move their money into stable, real assets like gold, giving a hike in gold prices. Even the threat of terrorist attacks change the gold price as investors diversify into assets of good store value like gold. This is because though an attack on the U.S. may cripple the economy lowering stock and property prices, it does not have a material impact on the price of gold.
However, whatever the political and economic reasons leading to the fluctuation of the gold price, there is a universally accepted concept for London and American gold price called gold fixing. It is the procedure where the price of gold is set on the London market with the help of five members of the London gold pool. It provides a recognized rate for pricing the gold products throughout the world. The first fixing took place on September 12, 1919, amongst five principal gold bullion traders of the day. On January 21, 1980, gold fixing reached its highest price of $850. Gold fixing takes place twice daily at their offices, and since May 5, 2004, it has started taking place by telephone. It is through this institution that the gold price of the world is finally determined.
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Josh Riverside
Tags: Gold, Gold Coins, Gold Teeth, Gold PricesSimilar articles
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