Gold price hits record at $1,500 an ounce
Almaty. April 20. Kazakhstan Today - Gold prices increased up to record highs near $1500 an ounce on Monday, Kazakhstan Today reports.
The gold price has risen above $1,500 an ounce for the first time after concerns about global economic recovery lifted the metal's appeal as a haven, BBC News reported.
In trading in Hong Kong, gold hit a record $1,500.70 an ounce, which traders said was mainly a response to Standard & Poor's downgrade of US debt.
Silver also touched a 31-year high of $44.34 an ounce.
But analysts were divided about whether the price could go higher and are waiting to see if trading in Europe and the US continues the momentum seen in Asia.
Jonathan Barratt, at Commodity Broking Services, said: "We often see a $20 rally after breaking a big number, then a pullback.
"We will see what Europe and United States do with this. $1,510 or $1,520 look possible, but prices are starting to look a little stretched up here."
Darren Heathcote, at Investec, said: "The market is so fickle at the moment and it wouldn't surprise me if we saw a sell-off."
Some market watchers see gold consolidating at its current level as it waits for the next reason to push higher.
Natalie Robertson, commodities strategist at ANZ, said: "I don't see prices convincingly past that level in the next few days unless we see something very negative, probably related to the eurozone sovereign debt.
"But we do see gold very well supported at the $1,490 level," she said .
Silver continued to soar, rising to a 31-year high for the fifth consecutive session.
Not only is silver increasingly seen as a haven, but there is also rising demand for industrial consumption.
"Silver is still in a clear bull trend that targets $50 next," said Taso Anastasiou, a UBS technical strategist.
Photo: BBC News
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Annual inflation in February and March continued to decrease, albeit at a slower pace. Inflation expectations have slightly decreased but remain at a relatively high level. The external inflation background continues to be neutral with the ongoing trend of declining grain prices in global markets. Within the domestic economy, inflationary pressure persists due to robust internal demand and unanchored inflation expectations," reads the bank’s official statement.
In the current circumstances, there is still limited room for easing monetary policy. This space will begin to form with the stable reduction of the stable part of inflation," it said.
Monthly inflation slowed down in March to 0.7% after a spike in the previous month (1.1%), forming above the average historical values (0.6%). A similar dynamic is observed for the indicators of core and seasonally adjusted inflation - a significant reduction in March after a sharp acceleration in February," said the bank.
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