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Gold strikes new record high on US default fears

Posted By admin On July 27, 2011 @ 3:19 am In Money Watch,Tile | Comments Disabled

AFP [1]
July 27, 2011

Gold forged a record high above $1,625 per ounce here on Wednesday, as investors parked their cash in the precious metal in the face of heightened concerns over a potential US default.

The price of gold struck $1,625.70 an ounce at about 0600 GMT on the London Bullion Market, beating the previous record of $1,624.07 that was hit on Monday.

“The threat of default by the world largest economy has led gold to a fresh peak above $1,625 this morning,” said FastMarkets analyst James Moore.

“The metal looks set to extend towards $1,650 in the coming sessions as investors seek to diversify into more tangible assets as confidence in paper assets, even government-backed, dwindles.”

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