Gold prices kept rising for the fifth consecutive day to reach a record high. The spike in prices was the result of an announcement made by the Federal Reserve stating that in order to provide a stimulus to the U. S economy; they were ready to relax the monetary policy of the Government further.
The hike in prices and the announcement also affected the value of U. S Dollar, which slumped to $1.3315 per Euro. Meanwhile, prices of silver also reached record levels by breaching a 30-month high.
Gold prices reached $1,293.35 an ounce from the earlier price of $1,289.75 an ounce. The rise in the price of gold was by 0.5%. According to earlier observations, it has also been noted that gold and Dollar prices usually happen to counter each other.
Gold prices have already increased by 18%, from the start of this year.
In a statement released yesterday, the Federal Open Market Committee stated that the U. S central bank would continue to keep a look on the economic forefront and would be ready to provide any kind of support to fuel the economic recovery of the country.
In another separate announcement, the Organization for Economic Cooperation and Development has declared that the high unemployment levels may last till the year 2013.
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