Price of gold spikes
Updated
The continuing weakness of the US dollar and worries about the world's largest economy are driving up the price of gold. Gold was fetching more than 1,164 US dollars an ounce in Hong Kong today, a jump of around twenty dollars from its last closing price, on Friday.
The stockpiling of the precious metal by governments has been gaining pace as emerging economies enter the gold market with major purchases. Recent buyers include the central bank of India - which reportedly bought 200 tonnes several weeks ago. But the US dollar hasn't completely lost its lustre or its role as the world's reserve currency.
Presenter: Karon Snowdon
Speaker: Nigel Phelan, director of EFT Securities
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