Gold price exceeds USD 1,400 per fine ounce

For the first time in 11 weeks, the price of gold in the global market has exceeded USD 1,400 per fine ounce.

Gold price has thus hit a record high since the beginning of June. At the same time, the price of platinum has jumped to a four-month high on stock exchanges.

The worldwide demand for precious metals has been on a rise in the light of new information about the readiness of the US Federal Reserve (FED) to reduce the scope of its program for stimulating the country's economic growth.

Now FED sets aside USD 85 billlion every month to support the government bonds and mortgage securities market.

According to confidential information disclosed to Itar-tass, FED is considering the possibility of reducing that sum to EUR 70 billion as early as September. The plan is to completely end the program in June 2014.