Gold price reaches $1,600 per ounce

While the price of Gold advanced $1601 from $1493 in the first three weeks of July, gold’s sister precious metal climbed $0.52 to $39.85 per ounce, despite modest strength in the US dollar. The euro currency fell 0.4% to 1.4371 on Friday, following a surge from 1.41 to 1.44 on the heels of the European summit on Greece.On Thursday the gold price fell $11.18 to $1,589.53 per ounce as policymakers in Europe announced sweeping measures in the hopes of combating the sovereign debt crisis. The price of gold initially held near $1,600 per ounce, but turned sharply lower in mid-day trading. The gold price reached an intra-day low of $1,585 before paring a small portion of its losses into the close.Silver dropped alongside the gold price, by $0.91, or 2.3%, to $39.22 per ounce. Gold’s sister precious metal stabilized in morning trading near $40, but tumbled briefly below $39 before also regaining a modest share of its losses.Gold price in Pakistan registered Rs 2,700 increase during the first three weeks of this month.