Gold Tops $450 Per Troy Ounce

World gold prices hit 16-year highs Monday as Asian trading pushed the commodity past $450 per troy ounce.

Uncertainty about the U.S. dollar and worries over the direction of global interest rates pushed brought gold to $451.50 per ounce, the Financial Times reported.

The prices appear set to hold or move higher. Demand in physical markets appears robust after the World Gold Council reported record demand for gold jewelry in the year to June 2005.

Also, prices will also be supported by the fact that there will be no further selling for the rest of the year by European central banks which have filled their quota for the year.