Precious Metals Prices Continue to Soar on Weak Dollar

Precious metals prices continue to climb on a weakening dollar. Gold opened at $910 per ounce in New York on Monday, before being dragged down by decreasing oil prices. Gold closed at $901.80.

The price of gold has risen to record highs – 14 percent since December 14, when it stood at $790 an ounce and 44.2 percent since January 14 2007, when the price of gold was $628 an ounce.

Silver closed on Monday at $16.29 an ounce, after reaching a record high of $16.57 an ounce. The hike represents a 16 percent and 28 percent rise since December 14, 2007 and January 14, 2007 respectively.

The price of platinum is also on the rise and closed at $1590 an ounce on Monday – an 8.9 percent increase over last month, and a 39 percent increase over last year.