Gold in demand
The price of gold jumped to its highest level for six weeks in London yesterday — $648 an .ounce. The market was thin, and dealers said that there were no major factors involved; the rise was mainly because traders had' to buy gold to fulfil earlier ; sale agreements, they said. The afternoon price fixed by the five leading London bullion dealers was $647.25. after a morning fix of $637.25.
Earlier yesterday, the West German metals company Degussa said in Frankfurt that reawakening industrial demand for gold
after the summer . holiday period might leave room for higher prices. . In New York the price of gold rose more than $l4 an ounce, boosted by unconfirmed Press reports that Cuban troops have joined Soviet forces in the fighting in Afghanistan. Although the U.S. State Department said it could not confirm the reports, gold surged to $651.50 an ounce, $3 more than the closing price in London. . Bullion traders said that the gold price surge was linked to buying from the Middle East.
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Press, 6 September 1980, Page 19
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171Gold in demand Press, 6 September 1980, Page 19
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