Gold Hits Another Record, Closing at $1,370.50

Gold prices struck another record closing price today, settling at $1,370.50 an ounce on the Comex, as investors continued to look for safe investments in the wake of currency volatility. Gold reached its 16th record high in five weeks, surpassing Monday's closing price of $1,346.70 by advancing 1.8%.

Just last month, when gold was $1,271, GFMS Ltd. put out an industry report saying that gold would likely surpass the $1,300-an-ounce mark later this year. The gold bugs, however, couldn't wait that long.