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Gold Hits Record on Global Growth

Posted by on Thursday, August 4, 2011, 6:15
This news item was posted in Business category and has 1 Comment so far .

goldGold hit a record high on Wednesday, as investors made a beeline for bullion to shelter from the impact of a deteriorating global economic outlook and Europe’s worsening debt crisis.

Spot gold rose to an all-time high of $1,671.39 an ounce, hitting its ninth record in 16 trading sessions and up 17 percent so far this year. It was trading at $1,661.89 by 0632 GMT, up 0.2 percent from the previous close.

US gold scored a record high at $1,674.6, and eased to $1,664.7. Gold priced in sterling and euro also reached historical highs.

In Japan, benchmark TOCOM gold futures contract rose to as high as 4,130 yen per gram ($1,664.39 per ounce), the second highest since it hit a record at 4,326 yen on September 9, 1982, according to the exchange.

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