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Gold prices soar to record high

Tue 9th Aug 2011

The price of Gold reached a record high of $1,718 an ounce yesterday as a result of Standard & Poor's downgrade of the credit rating of the United States, and the on-going lack of overall confidence in other major economies, which have pushed Gold values higher.

Speculation from some industry analysts is that it will rise even further - possibly even double it's current value.

Prices are now 15% up since the start of the year, and it continues to be an attractive option for investors concerned over sovereign debt problems in both the USA and Europe, as a double-dip recession remains a possibility in the States.

However, the cost of gold is still well below its inflation-adjusted peak of 1980, when it cost $850 an ounce, which would be an equivalent of $2,400 an ounce in today's prices.

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