Gold Prices Rose To A Record High Of &Nbsp; Boosted By Venezuelan News
gold
Futures clearing prices hit a record high, as reports of Venezuela's nationalization of gold industry boosted gold futures in the late afternoon.
The Comex futures division of New York commercial exchange, the most active gold futures clearing price in December, rose 8.80 US dollars to 0.5% US $1793.80 an ounce.
The price of the contract is still below the record high of $1817.60 an ounce hit in August 11th.
August gold for quiet trading
futures
The settlement price rose 8.80 US dollars to a record high of 1791.20 US dollars per ounce, or 0.5%.
Venezuelan President Chavez (Hugo Chavez) said on Wednesday that he plans to nationalize Venezuela's gold industry and take over the gold production by the state to expand the scale of international reserves.
Chavez also plans to pfer the existing gold reserves deposited in European banks to
Venezuela
Central bank vault.
Earlier this trading day, US crude oil futures inventories unexpectedly rose, leading to a drop in gold prices, hitting a low of $1781.60 an ounce.
Bart Melek, head of commodities strategy division at TD Securities, said that part of the reason people buy gold is inflation worries, but if oil prices go down, the possibility of rising inflation pressure will be reduced.
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