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Gold hits new record above £1,265 an ounce

Posted By admin On June 21, 2010 @ 4:16 am In Money Watch | Comments Disabled

AFP
June 21, 2010

Gold prices climbed to a new record here on Monday, breaching 1,265 dollars an ounce as investors flocked to the safe-haven metal amid eurozone debt crisis concerns.

In morning trading on the London Bullion Market, gold soared as high as 1,265.30 dollars.

“Gold has reached a new all-time high,” said Commerzbank analyst Carsten Fritsch

“This precious metal is profiting from its status as a ‘safe haven’ and is likely to remain in strong demand as long as doubts persist about the chances of successfully resolving the debt crisis in Europe.

“Investors are therefore still trying to protect their investments with gold.”

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