Gold Prices Reach Another Record High

Before you go, we thought you'd like these...
Before you go close icon
gold barsThe 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.

Sponsored Links
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.
Read Full Story


DJIA 20,775.60 32.60 0.16%
NASDAQ 5,860.63 -5.32 -0.09%
S&P 500 2,362.82 -2.56 -0.11%
DAX 12,002.88 4.29 0.04%
NIKKEI 225 19,371.46 -8.41 -0.04%
HANG SENG 24,114.86 -87.10 -0.36%
USD (per EUR) 1.06 0.00 0.05%
USD (per CHF) 1.01 0.00 -0.07%
JPY (per USD) 113.20 -0.21 -0.19%
GBP (per USD) 1.25 0.00 0.18%

Want more news like this?

Sign up for Finance Report by AOL and get everything from business news to personal finance tips delivered directly to your inbox daily!

Subscribe to our other newsletters

Emails may offer personalized content or ads. Learn more. You may unsubscribe any time.

From Our Partners