Save E-mail

Send this URL to a friend:

* - Denotes a required field.
Your Name*
Your Email Address*
Friend's Name*
Friend's Email Address*
Subject*
Message*

Print

London--The per-ounce price of gold rose for the 11 straight year in 2011, increasing a total of 9 percent and climbing above $1,900 an ounce at one point, year-end summary data released by the World Gold Council (WGC) shows.

During the first part of the year, between January and August, the deterioration of the financial situation in Greece and the debit crisis in the United States helped to push the gold price higher, as investors sought gold as a safe haven for investment.

By early August, gold had surpassed the $1,800 an ounce mark and reached a record per-ounce high of $1,895 on the London PM fix, after trading as high as $1,921 per ounce during the day, the WGC report states.

The per-ounce price of gold fell to $1,600 an ounce in the fall as continuing financial problems prompted investors to reduce exposure to equities and other assets with investors, in many cases, choosing to cut their losses.

Gold ended the year at $1,531 an ounce on the London PM fix. Prices have remained high this year, rising above $1,600 an ounce.