The price of gold has reached a historical maximum in Romania, at RON 182.9 a gram (around EUR 43), up from RON 177.4 on Friday, according to Romania's Central Bank (BNR). This came soon after Romanian president Traian Basescu has publicly express his support for the Rosia Montana gold mining project in the country, also saying the bedding at Rosia Montana could be bigger than expected.

Romania’s biggest gold field is in Rosia Montana, in Alba county, and has been licensed to Rosia Montana Gold Corporation. The field there has been evaluated at some 300 tonnes of gold and 1,600 tonnes of silver.

The BNR gold stock has held steady at 103.7 tonnes at the end of August this year. Following the change in the international price of gold, its value amounted to EUR 4.2 billion, being part of the country's EUR 36.7 billion international reserves.

“The general worry on the future of the global economy has remained, and gold is again a refuge asset, which stands to gain under global volatility circumstances,” said Victor Safta, head of X-Trade Brokers Romania.

“There is a real gold fever. It is debatable whether the price of gold has reached too far, too fast. It is however easy to see the Federal Reserve's monetary policy, the public debt issues in Europe and the structural tensions within the Eurozone are strong arguments for the recent advance in price for this precious metal,” according to Safta.

editor@romania-insider.com

(photo source: Photoxpress)