The Azerbaijan State News Agency

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GOLD PRICE TOUCHES $1,300 RECORD HIGH

Baku, September 25 (AZERTAC). The price of gold has risen above $1,300 an ounce for the first time, according to BBC News.

The price of the precious metal reached $1,300.07 during trading at the London bullion market, before dipping back.

The latest rise has been spurred by caution over the global economy, as well as weakness in the US dollar - the currency used to value gold - which fell 1% against the euro.

The gold price has increased five-fold in the last 10 years, up from a low of $258 in 2000.

One of the factors spurring investors is gold`s traditional role as a so-called “safe-haven” investment at times of economic uncertainty.

Another driver is more technical - gold is priced in dollars, and any fall in the dollar makes it cheaper to buyers using other currencies.

The World Gold Council`s last report on the gold market predicted that continuing strong demand from jewellery buyers in the two fast-developing markets of India and China would help to keep the price high.

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