Gold Prices Reach Another Record High

gold bars
gold bars

The price of gold jumped to a record high on Tuesday, boosted by concerns over eurozone debt and inflationary pressure.

Gold touched $1,422.30 a troy ounce, Reuters reported. U.S. gold futures also reached $1,422, marking the fourth day in a row that gold has set a new record.

"We have a combination: inflation fears, currency market uncertainty, fears about the financial strength of some countries," said Alexander Zumpfe of Heraeus Metals.

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Gold also gained on comments by World Bank President Robert Zoellick, who said that the world's largest economies should consider adopting a new gold standard.

Federal Reserve Chairman Ben Bernanke's announcement that the Fed will buy $600 billion of long-term assets also stoked concerns about inflation and a weak dollar, making gold more attractive.

"Inflation concerns and euro zone debt worries have helped accentuate the surge this week initiated by the weakness in the dollar," investment bank Fairfax said in a note.