Gold price is getting dizzyingly high

By Daily Maverick Legacy 9 October 2009

For the third day in a row, gold ruled the global markets on Thursday. It reached its highest-ever peak of $1,058 an ounce. Even as the gravity law feels suspended for a while in the golden universe, there is perhaps more space for dollar weakness-linked growth. Many experts, however, are starting to question the fundamentals of gold’s rise. It is well known that the gold price gets a usual bump in the final quarter of every year, thanks to the run-up to Christmas and the Indian festival of Diwali. This year’s price rise, however, is, at least partly, caused by the speculations of the future of the dollar as global currency. Of course, the question is how much? Whoever guesses the right answer, is in for a treat.

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