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The price of gold for immediate transactions in U.S. currency at a new record above U.S. $ 1670 an ounce, boosted by worries about global growth and the debt crisis of the euro area. The price of spot gold of $ 1670 an ounce, up 0.6 percent during the day by at 08:55 GMT, after hitting a record high of 1672.65 dollars
earlier.
Not only the movement of investors to buy gold only, but it also included the central banks. for example the Bank of Korea bought 25 tonnes of the precious metal reserves in order to diversify its reserves . The first
time in 13 years that this institution buys gold in Reaction of U.S. debt

It has become difficult to predict how long the range of movement of yellow metal, where he was expected to slow down , but it continued to break record highs several times in less than a week. The total gains of gold during the month of June was 11 percent , traditional factors are no longer sufficient to
understand the movement of gold, where high prices before the date of August 2 is attributed to the ability of the U.S. government to get approval to raise the debt ceiling U.S., but continued high prices,
even after this date make it easy to expect gold at $ 1800 per ounce in the short term , other factors supporting the price of gold, including the threat of the credit rating agencies to downgrade the U.S. credit score to less than AAA, this threat made a lot of investors turn to the yellow metal as a safe haven to secure their wealth and to escape the loss of the weak dollar and government bonds and this also included the threat of the default of some major European countries such as Spain and Italy. The purchases of Gold by the central banks of countries such as Kazakhstan, Thailand and South Korea contributed to the rise in effective demand for yellow metal markets, which pushed the price of an ounce to move beyond the level of 1673 USD , for example, the central
bank of South Korea purchased during the months of June and July nearly 25 tons of gold in an effort of diversification of its reserves and to avoid the risks of inflation in the coming period.