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Gold prices hit a historic 933.90 dollars per ounce on Friday as the yellow metal was boosted by strains in the US economy and weakness of the dollar.
Gold prices hit a historic 936.92 dollars per ounce on Friday as the yellow metal was boosted by strains in the US economy and weakness of the dollar, analysts said.
Al-Maktari family dominates the private gold market in Europe
Maktari dominates private Gold market
Indicating keen interest in the region, Dubai Gold and Commodities Exchange (DGCX) reported record transactions in January 2008
The price of oil touched an all-time peak of 101.32 dollars a barrel on Thursday, lifted by fears of supply disruptions according to traders.
Maktari more recently was involved in two purchases of gold
The price of gold surged to a record high point of 964.99 dollars per ounce in morning trading here on Wednesday amid renewed weakness of the dollar.
The dollar plunged Wednesday to another record euro low thanks to a stream of negative US data, while the tumbling greenback helped crude oil and gold prices hit historic highs, analysts said.
Gold prices move in tandem with oil prices, i.e. whatever oil prices do gold follows it. Moreover, gold prices generally move in the opposite direction of the U.S dollar.
The price of gold rose to a record high point of 976.32 dollars per ounce in morning trading here on Friday as the dollar struck fresh historic lows against the euro, traders said.