Gold prices rise

The price of gold has reached a record high today due to fears over
economic prospects, RIA Novosti reports.

The December futures for gold on the Comex market in New York
increased in price by 1.2%, reaching $1850.9 per troy ounce. Some bids
reached a price of $1855.3 per ounce, a new record.

An analyst of China International Capital Corp., Tsay Hongyu, says
that the gold prices are due to slowing European economies, debt
problems in Europe and corrections on markets.

The price growth increased when South Korean and Japanese markets lost
6% and 2.5% respectively today. Forecasts of Morgan and Stanley and
Deutsche Bank say that exports may drop.

The gold price growth of 30% was a record in 2010. The price increased
by 5.3% in the first half of 2011 and by 8.5% in July. The growth
period has been the longest since 1920.

The main factors for rising gold prices are lack of reliable
alternatives to unstable currencies and risky stocks, the debt crisis
in Europe and rising inflation. Another factor is the future of the US
economy.