2009-06-03
Xinhua
Web Editor: Hu Weiwei
Gold prices climbed to a three- month high this week on the back of speculation that the U.S. dollar will continue to weaken, local media reported on Wednesday.
Gold traded on Tuesday for 892 U.S. dollars per ounce in Phnom Penh, up from 785 U.S. dollars in mid-May, Seang Lim, a gold trader, was quoted by English newspaper the Cambodia Daily as saying.
"We are noticing that the price of commodities like gold and oil has continued to rise since May," Lim said, adding that the principal reason people are investing in gold is that the U.S. dollar is dropping in value against the euro and the Japanese yen.
In Cambodia, most gold traders take their prices from the stock markets in Hong Kong and Singapore, where, as in Europe and the U. S., gold is measured in ounces.
Some analysts and investors said the depreciation of the dollar meant that investors' asset value in areas such as property and government bonds had grown smaller, persuading them to have more confidence in the safety of gold.
Xinhua
Web Editor: Hu Weiwei
Gold prices climbed to a three- month high this week on the back of speculation that the U.S. dollar will continue to weaken, local media reported on Wednesday.
Gold traded on Tuesday for 892 U.S. dollars per ounce in Phnom Penh, up from 785 U.S. dollars in mid-May, Seang Lim, a gold trader, was quoted by English newspaper the Cambodia Daily as saying.
"We are noticing that the price of commodities like gold and oil has continued to rise since May," Lim said, adding that the principal reason people are investing in gold is that the U.S. dollar is dropping in value against the euro and the Japanese yen.
In Cambodia, most gold traders take their prices from the stock markets in Hong Kong and Singapore, where, as in Europe and the U. S., gold is measured in ounces.
Some analysts and investors said the depreciation of the dollar meant that investors' asset value in areas such as property and government bonds had grown smaller, persuading them to have more confidence in the safety of gold.
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