Gold Price Update- Gold Continues Record Rally Due to Weak Greenback

Gold gained a slight 0.57 percent in its value to be at USD $ 1507.40 an ounce in the morning trading in London. A weak dollar and concerns about rising global debt contributed to its buying.

The greenback has depreciated to its lowest level since August 2008 against six other major currencies. Along with this, Greek two and ten year government bond yields reached new highs over concerns that the country may not be able to restructure its debts. With gold moving in an opposite direction to the value of the dollar, coupled with the post-earthquake crisis in Japan and the continuing conflict in Libya, gold was able to maintain its strong position today.