Just few weeks ago, I wrote about different opinions of experts. Some experts believed that gold rate will continue to increase and will soon cross the $1300/ounce level. On the other hand, some other experts had a different opinion and they said that the price will decrease instead of increasing any further.
Which expert opinion was correct ? : )
Actually at the very moment, we cannot answer this question. Yes, gold has just made a new all time high rate record but will this price increase further? Or can the gold rate retain such level? Will the buyers continue to invest their money in gold? Is this increase a temporary boost just because of the current political/dept issues which has resulted in increased interests of buyers in gold?
Can we answer these questions? : )
Now again experts have different types of opinions. Some believe that buyers seems to be temporary attracted towards gold. This is because of the dept issues and political scenario of Europe where some other experts believe that this positive trend will continue…
Gold previous all time high record was somewhere around $1225/ounce. This time the rate has reached all the way to approximately $1250 : )
I tried to find the exact rate, at which gold was traded, but failed to find any definite answer.
Anyway, first on 11th May 10, gold crossed the previous all time high record. At the end of the day, the closing rate was around $1231/ounce.
Then the next day, gold price rocketed to $1250. I think the price did not touch the 1250 level: the highest level at which gold was traded was approximately $1248.5.
But at the end of the day, the closing rate was around $1239.
Gold was traded above $1230 for few days before its big descent started : ) [After reaching this record level, price of gold was dropped below $1200 pretty quickly]
I will write about the descent in the next post:
