Gold prices in Cambodia hit record high in last fortnight

PHNOM PENH, Aug. 5 (Xinhua) -- Gold prices in Cambodia have hit record high on Friday-a damlung goes for 2,010 U.S. dollars, 7 percent rise from 1,880 U.S. dollars in two weeks ago, said Sieng Lim, the president of Cambodia’s largest gold dealer, Ly Hour Exchange in the capital.
   Damlung is the commonly used Cambodian measure for the precious metal, equal to 37.49 grams or 1.2 troy ounces.
   “The surge in gold prices here is in line with those trading on international market,” she said. “Also, it is due to the U.S. dollar experiences weakness and it makes investors seek a safe haven for their proceeds.”
   Lim said that high rise of gold prices benefits Cambodian people.
   “Traditionally, Cambodians prefer to save in gold to currencies, so with rising price of gold, people will get good returns on their savings” she said. 
   Cambodia imported gold from Singapore or Hong Kong.