Gold prices rose as gold surged 179% in China's invest
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Gold prices rose as China's invest in gold surged 179%.
The gold price climbed $19.30 Friday surging through $1,5011.50 per ounce. Albanian_Minerals President in New York Sahit_Muja said "Strength in the gold prices is expected to increase as demand from China is expected to doubled in 2011".
Gold prices rose despite strength in the U.S. dollar versus the euro and pound. Concerns that Greece was on the verge of restructuring its debt weighed on the euro and helped drive investment demand into gold and other precious metals. Shares rose for gold mining producers and explorers followed the surging gold price higher.
Investors has increase the gold purchasing in India to protect the assets from devaluation. India's annual rate of inflation, based to 8.66 per cent for April 2011 . Global gold demand in the first quarter of 2011 totaled 981.3 tonnes, up 11% year-on-year from 881.0 tonnes in the first quarter of 2010. In the dollar value this translated to U.S. $43.7 billion in 2011, compared with $31.4 billion in the first quarter of 2010
China has surpassed India as the world´s top gold market this year. Chinese investors more than doubled their purchases of gold during the first quarter in 2011, compared to the same period last year. China has invested $4.1 billion into gold bars and coins during this first quarter of 2011. China´s investment demand increased to 90.0 metric tonnes (40.7 tonnes in the year prior), compared to India´s 85.6 tonnes.
The first quarter, investments into bullion surged 179% in China totalling $4.1 billion. http://www.prlog.org/11503134-gold-prices-rose-as-chinas-invest-in-gold-surged-179.html
Albanian_Minerals
New York
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