The gold price surged to a new all-time high on Wednesday driven by a weaker dollar and its safe haven appeal. The precious metal was up almost 2% at $1,274.75 per ounce, surpassing the previous record of $1,265.30 struck on June 21.
The last two years have been quite volatile in financial markets. First, in the fall of 2008, it appeared that the entire global economic system was headed toward inevitable destruction as US financial institutions Bear Stearns, Fannie Mae & Freddie Mac, and Lehman Brothers all collapsed in September of ’08.
Globally the US dollar has been sinking this year and the Chilean peso has fared particularly well against it.
The US dollar is an unreliable international currency and should be replaced by a more stable system, the United Nations Department of Economic and Social Affairs said in a report released Tuesday.
United Kingdom consumer price inflation unexpectedly jumped to a 17-month high in April, 3.7%, driven by big rises in tax on alcohol and tobacco as well as higher prices for women's clothing and food, data showed.
Global stock markets closed sharply Friday amid investor fears that Greece's debt crisis could halt the global economic recovery.
Brazil’s government may take additional steps to limit gains in the local currency Real should advanced economies favor policies that keep their currencies weak, Finance Minister Guido Mantega said.