High prices drop scrap gold flow
United Arab Emirates: Sunday, January 13 - 2008 at 14:15
Record high prices have led to a sharp drop in the flow of scrap gold coming into Dubai in recent weeks as jewellery owners' hope for further price hikes, reported Gulf News. Spot gold surged to a record just shy of $900 an ounce as investors poured in, driven by uncertainties in financial markets and inflation fears amid signals that aggressive US interest rate cuts may be coming. The precious metal gained more than 30 per cent in 2007 as safe-haven buying increased due to credit market turmoil and worries about the health of the U.S. economy that sent the dollar to record lows, and record high oil prices.
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Amena Bakr, Senior ReporterSunday, January 13 - 2008 at 14:15 UAE local time (GMT+4)
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