Price of Gold $1600 - New Record

The Cash 4 Gold blog recently reported a high price of gold last week, and hinted with a prediction of a new gold price record that would break the $1500’s gold price range. Today, that estimate has become fact, as gold has officially reached a new record, with, for the first time in history, a breaking price of $1606.16.

Just a week ago, the price of gold had peaked at $1590.52 with many financial experts predicting the price would continue to upwards. The Chart above shows the growth of the price of gold over time. In just six months, gold’s value rose $221.70.

Owners, speculators, and investors of gold are now looking to the obvious first question since the peak of gold prices. “What are the reasons for the increasing price of gold?” Demand for gold plays a large roll in its price, and countries like China and India have become more and more involved in the big picture of gold over the recent years. China recently became the number one gold consumer in the world, and India continues to demand gold at high levels.

“The World Gold Council (WGC) estimates that jewellery and investment demand from these Asian countries represented about 40 per cent of total global demand in 2010, and that demand from India is expected to grow overtime.”

With an increase in demand and the ever changing world economic markets, gold has now set a new record price and promises to maintain its wealth and rarity over time. With the price of gold now over $1600, there has never been a better time to sell unwanted or unused scrap gold for the best possible price. Visit www.Cash4Gold.com to find out how you can get real cash for your unwanted or unused gold.