Gold prices reach new heightsAugust 19, 2011 - 18:19 AMT PanARMENIAN.Net - Gold reached new heights Friday, August 19, soaring as high as $1,881 an ounce, as investors anxious about the uncertain global economy snapped up the precious metal. Stock markets in Europe and Asia continued a slide that began Thursday on disappointing economic news and worries about the strength of European banks. U.S. stock futures were down as well. Gold has been on a tear. It's up more than 25 percent since July 1. It has risen 7 percent this week alone. Fears of global recession are driving investors away from stocks and into assets viewed as safer. Morgan Stanley on Thursday joined other analysts and cut its global economic growth forecast for this year and next, saying that the U.S. and the 17 countries that use the euro were "hovering dangerously close to a recession." In morning trading, gold was up $36, or 2 percent, at $1,858 an ounce, the Associated Press reported. Top stories Yerevan has dismissed Turkey’s demand to shut down the Armenian nuclear power plant as “inappropriate”. Armenia will loan 2.9 billion drams to Nagorno Karabakh (Artsakh), according to a draft government decision. The Ministry of Ecology and Natural Resources of Azerbaijan has “strongly condemned” Armenia’s decision. Kerobyan has said that for the first time in the history of Armenia, the volume of foreign direct investments amounted to about $1 billion. Partner news | European Parliament to discuss repression in Azerbaijan The European Parliament will discuss repression of civil society in Azerbaijan on April 24 PACE wants concessions from Azerbaijan to accept Baku back A PACE co-rapporteur said that Azerbaijani authorities must make certain concessions so that the country can return to PACE. Cyprus parliament honors Armenian genocide victims Acting House President Zacharias Koulias noted that April 24 marks the “black anniversary” of the Armenian genocide. Armenia PM, France envoy discuss regional matters Issues related to the consistent development of Armenia-France cooperation were discussed. |