Gold Prices Hit $700 Mark, The Highest Since 1980
Gold prices climbed above the $700 an ounce on Tuesday, the highest
since the precious metals all-time high in 1980. Weakness in dollar and
the overall momentum in the precious metals prompted prompted fund
buying into the yellow metal.
Gold has risen 37% year to date. The metal broke through the $500 an ounce mark in late November.
Demand for gold hits record of
$53.7 billion in 2005. Identifiable investment demand totaled 600 tonnes
in 2005, a 26% rise on the previous year, whilst jewellery demand rose
5% (2,736 tonnes) and industrial demand by 2% (419 tonnes), according
the the World Gold Council.