Gold futures exceeds $700 an ounce at NYMEX

Gold futures for June delivery rose $21.60 an ounce against the previous trading day to exceed $700 an ounce, closing at $701.5 on New York Mercantile Exchange (NYMEX) on Tuesday, setting a new high for past 25 years, Xinhua reported.

Analysts believe large amount of investment funds' buying of gold, the tension in Middle East, and weakening US dollars are the main cause of the price rise.

By People's Daily Online