Gold hit a new record high Wednesday rising over $1,500 an ounce, one day after ratings agency Standard & Poor lowered their long-term outlook on US debt to "negative". Gold is considered a ‘safe haven’ in difficult market conditions.
REUTERS - Gold shot up above $1,500 an ounce on Wednesday for the first time ever as worries over the health of the global economy boosted the metal as a safe haven.
Spot gold hit a high of $1,505.21 an ounce and was bid at $1,505.16 an ounce at 5:42 a.m. ET, against $1,493.90 late in New York on Tuesday. U.S. gold futures for June delivery rose $10.60 an ounce to $1,505.70.
Date created : 2011-04-20