Baku. Ali Ahmadov – APA-ECONOMICS. Gold price are near record highs in the world market as violence in Libya and government crisis in Portugal. According to APA-ECONOMICS, it reached historic maximum - $1447.82 per ounce on March 24. Cash silver touched $38.165 an ounce, the highest level since 1980 ($50 per ounce) yesterday.
Gold may climb to a record for a second day as violence in Libya, a debt crisis in Europe and the aftermath of Japan’s earthquake spurred demand for the precious metal as a store of value. U.S. and allied warplanes carried out further strikes against Muammar Qaddafi’s ground forces as the leader’s loyalists increased their attacks on cities. Portugal moved closer to a bailout after Prime Minister Jose Socrates’s offer to resign left his government in limbo as European Union leaders try to address the region’s debt crisis. “As gold prices are near record highs, investors will definitely be tempted to take profits especially if news releases inject optimism in the recovery,” said analysts. U.S. Gold predicted further increase of precious metal prices and gold price above $5000 per ounce in the next 3-4 years.
