Gold prices briefly crossed $1,260 an ounce in Friday morning trading on the Comex division of the New York Mercantile Exchange (CME
). Gold futures for August delivery
, the most heavily traded contract, rose as much as $12.20 to $1,260.90 before paring gains. On Thursday, gold closed at $1,248.70 an ounce -- a new record, not adjusted for inflation.