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Gold Rises To Record Sterling High

Jan Harvey
Reuters [1]
Thursday, February 12, 2009

LONDON, Feb 12 (Reuters) – Gold climbed in Europe on Thursday, building on gains that took it to a 6-1/2 month high in the previous session, as risk aversion fuelled investor demand for bullion and gold-backed exchange traded funds.

Gold priced in sterling and gold futures in India hit an all-time high, adding to record peaks recorded for bullion on Wednesday in euro, Canadian dollar and Swiss franc terms.



Spot gold <XAU=> was quoted at $942.60/944.60 an ounce at 1249 GMT, up from $938.35 an ounce late in New York on Wednesday. The metal hit a peak of $953.30 that day, its highest since July 2008.

“Gold is still in a very bullish trend,” said Alexander Zumpfe, precious metals trader at Heraeus. “There is very strong investor demand, which you see when you look at the data coming from the ETFs, which are at record levels.”