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Monday, August 22, 2011

Gold prices today august 22 2011 near $1,900 an ounce

Gold prices today august 22 2011 near $1,900 an ounce : Gold ended at a new record high amid growing speculation the U.S. won't be able to resist another round of stimulus and broader worries about the global economy. Meanwhile, a six-month-long civil conflict in Libya is drawing towards a conclusion, re-igniting concerns about political instability in the region.

The most actively traded contract, for December delivery, gained $39.70, or 2.1%, to settle at a record $1,891.90 a troy ounce on the Comex division of the New York Mercantile Exchange. The contract touched an intraday record of $1,899.40.

Thinly traded August-delivery gold settled at a record $1,888.70 a troy ounce, up $39.80, or 2.2%, after touching an intraday record of $1,895.00. Read Gold prices prediction for september 2011

While some investors are buying gold to hedge against inflation, which is likely to arise from another round of stimulus, others are worried the U.S. economy will slip into recession without such help and are purchasing gold to hedge against possible losses in other assets. Read How to Invest in Gold

Gold prices are also rising amid renewed appetite for a hedge against political uncertainty. In Libya, rebels seized control over most of the nation's capital, Tripoli, over the weekend. The whereabouts of Libyan leader, Col. Moammar Gadhafi, are unknown.

Gold locked in its sixth straight trading day of gains and is trading just shy of $1,900 as market participants continue to buy up the precious metal.

Investors have voted with their dollars as the cloudy prospects of the U.S. economy and rising stock market volatility sees more funds channeled towards gold. For the latest updates PRESS CTR + D or visit Stock Market news Today

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