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Because it is in demand and rare. The two characteristics cause the price to be high.
"1 million USD." IS NOT ACCURATE) A gold ducat (like those referenced in Shakespeare's "The Merchant of Venice") are composed of about .1107 troy ounces of gold. .1107 oz. x 3,000+ 332.1 troy ounces of gold. At $908 per oz.- U.S market price as of 9/30/30 (see www.taxfreegold.co.uk/goldpricesall.html for current prices) 3,000 ducats would be worth $301,456. Realize that gold is at a long term high at this time.
Because it's rare and in high demand.
The egyptains placed granite slabs outside because it will cover an area bigger than one hundred football fields and standing 450 feet high.
The gold and silver Spain took from the Americas contributed to high inflation, Spainards then bought cheaper goods from other countries, and the weakened navy could be beaten.
I kept gold from poeple who wanted to steal it. so that's how the price was high
While gold price is high, conversely, petroleum price is lower.
Yes, gold prices are high and are still going up due to global demand and supply variations
The price of the food in California was unbelievably high.
Gold struck the high price of $1,226 an oz. on Dec. 2, 2009. That $1,270.20 is the highest price in history - as of Sept 14, 2010. Ironically, today is the day that gold is at its highest (thus far).
Petroleum is called liquid gold because of its high price and value and its economic "need".
Everyone. Gold has no set price, just a market price based on supply and demand. It has to do with the cost of production (Finding it) and the demand. Price is always high, as it is a scarce resource. When we run out of its supply, the demand will increase and the price will increase majorly.
As with any other commodity, price is determined by supply and demand. Gold has a relatively low supply with high demand, which causes the price to rise.
What backs gold is the fact that we like gold and that gold is used in many applications. Due to there is a limited amount of gold, and people really like gold, gold has a high price.
Gold is a safehaven investment. So it's price will stay high so long as people are uncertain about other investment types. Gold will decline when money starts leaving gold for stocks.
Gold is at at all-time high price, breaking the $1600 per ounce barrier in 2013. In 2008, for example, the price of gold was around $800 per ounce, and in 2003 was $400 per ounce.
The record low gold futures price occurred in August of 1976, at $104.20 per troy ounce. The record high price was $1556.40 per troy ounce in April of 2011.