Futures Market News
Chinese economic activity pushes gold futures to record highs
Apr 18, 2011 08:18 AM
The Asian nation's economic activity prompted investors to seek safe havens for assets amidst spreading concerns. Its economy is considered the globe's most quickly growing.
The "uncertainty in the euro zone and inflation concerns in Asia appear to be the main drivers" of gold's value, David Thurtell, Singapore-based head of metals research at Citigroup, told the news service. "The latter was confirmed by the overnight move by the People's Bank of China to tighten monetary policy."
Gold futures' record value now is $1,488.68 per troy ounce.
At 8:55 a.m. on Monday, gold futures were down 0.23 percent, a $3.40 loss to $1,482.60 per troy ounce.
During the past year, the precious metal's value has increased 31 percent while growing in value during each of the past 10 years. Drivers on top of Chinese economic activity also include the crisis with Japan's nuclear reactor, uprisings in the Middle East and North Africa, and debt issues with euro zone banks.
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