Finance

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Gold Hits a New High

March 13, 2008 02:13 PM
by findingDulcinea Staff
The price of gold reached $1,000 an ounce on Thursday, and the Dow Jones Industrial Average dropped 200 points during morning trading.

30-Second Summary

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CNBC concluded that the spike in gold prices underscored “investors' nervousness about the economy and inflation and the weakness in the dollar.”

Gold is traditionally seen as a secure investment in times of economic uncertainty. These days, couples planning on marriage are rushing to buy their rings before prices go up further, according to the Los Angeles Daily News. "They are afraid that if they wait they'll end up paying more money," said a California jeweler.

Interestingly, according to Daniel Gross, who writes for Business Week and Slate, the rise in this precious metal began well before the mortgage crisis. Gold should have been falling back in 2006, he wrote, but instead was carried along by the rising tide in commodities prices. 

Headline Links: Gold hits $1,000 an ounce

Background: The dynamics of gold pricing

Opinion & Analysis: Gold prices move up marriage, push back retirement

Reference: Gold trading boards

Related Topic: ‘Oil & Gas Prices Reach New Highs—But Could Go Much Higher’

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