Wednesday, 25 February 2009

Gold-backed Islamic security launch soon

A Shariah-compliant tradeable security backed by gold will be launched in Dubai next week, sources familiar with the plan said yesterday.

Investors have rushed into gold as a haven from the global economic storm and as insurance against potential future inflation.

The price of gold rose above $1,000 an ounce for the first time in almost a year last week.

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