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AFP
Published
Oct 16, 2009
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London emporium Harrods selling gold bars

By
AFP
Published
Oct 16, 2009

© 2009 AFP - London emporium Harrods has started selling gold bars, the plush department store announced on Friday 16 October, just two days after the precious metal hit a record high in commodity market trading.


Photo : Carl de Souza/AFP

Harrods Bank, in the basement of the giant shop owned by Egyptian tycoon Mohamed Al Fayed, is now selling gold ingots, with prices fluctuating according to the current market price.

On Friday 16 October, the smallest ingots, weighing one gramme, were selling for 29.12 pounds (47.65 dollars, 32 euros), while the largest blocks, weighing 12.5 kilogrammes, cost 265,210 pounds.

"The financial environment has kindled a new demand for physical gold amongst private investors in Britain," said Chris Hall, head of Harrods Gold Bullion.

"For many people this is a new and unfamiliar asset class that demands absolute trust. Up until now, however, London has had no well-recognised name serving this market.

"Harrods saw the opportunity to help individuals buy physical gold in a prudent manner and, together with (Swiss precious metals refinery) PAMP, we can now provide a globally recognised product at a fair price."

In trading on the London Bullion Market on Wednesday 14 October, one ounce or 28 grammes of gold struck a record pinnacle of 1,070.80 dollars (719 euros) on the back of the sliding US currency.

A weak greenback makes the dollar-denominated metal cheaper for investors holding stonger currencies.LONDON, Oct 16, 2009 (AFP)

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