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Gold hits record high in Asian trade
Posted By admin On May 12, 2010 @ 4:05 am In Money Watch | Comments Disabled
May 12, 2010
HONG KONG — Gold hit a record high of 1,235.50 US dollars an ounce by midday in Hong Kong Wednesday, as investors sought a safe-haven over deepening concerns about the eurozone debt crisis.
The precious metal closed in Asia on Tuesday at 1,209.00 dollars but later climbed as high as 1,224.82 dollars an ounce in European trade.
Analysts said the commodity was likely to maintain its safe haven role while other markets remained vulnerable.
It opened at 1,229.00, just up from a previous record of 1,226.56 dollars for the metal set on December 3 last year.
“The response of the central banks and the IMF to the southern European mess is almost guaranteed to ensure continued volatility in world markets,” said Capital Spreads analyst Simon Denham.
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