Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Suspected Boko Haram militants killed in police raid in N'Djanmena

Read more

MEDIAWATCH

Is Alexis Tsipras playing with fire?

Read more

THE DEBATE

Countdown to Grexit : Will Greek crisis trigger unwinding of the Euro? (part 2)

Read more

THE DEBATE

Countdown to Grexit : Will Greek crisis trigger unwinding of the Euro? (part 1)

Read more

FOCUS

Chimpanzees suffer collateral damage from increased poaching

Read more

ENCORE!

Dom La Nena brings us international, cello pop

Read more

REPORTERS

Kenya's vicious circle: Terrorism and counter-terrorism

Read more

THE INTERVIEW

EU Competition Commissioner says 'protecting integrity of single market'

Read more

THE INTERVIEW

'Yemen is on the verge of a humanitarian catastrophe'

Read more

Business

Gold skyrockets as investors flee volatile markets

Text by News Wires

Latest update : 2011-08-08

Market turmoil and growing fears of a double-dip recession have propelled gold to a new record high of more than $1,704 an ounce as nervous investors seek certainty away from increasingly volatile stock markets.

AFP - The price of gold struck a record high above $1,700 an ounce on Monday with dealers flocking to the safe haven metal as Asian stocks tumbled following Standard & Poor's downgrade of US debt.

World markets at a click

USA

 
EUROPE
 
 
ASIA
 
Japan's Nikkei 225

Hong Kong Hang Seng

The price of gold reached $1,704.30 an ounce in Hong Kong trade.

"People are just taking their money out [of other markets], especially from the dollar and euro and investing in gold and the Japanese yen," a Tokyo-based trader told Dow Jones Newswires.

Asian markets were sent spinning on Monday after S&P late Friday cut the United States' AAA rating by one notch, citing deep divisions in Washington over its long-term fiscal standing.

The turmoil has led investors to seek out less-risky gold at a time of economic uncertainty.

S&P's downgrade compounded already weak sentiment amid fears that the eurozone debt crisis will spread to other nations, while the United States has posted a series of poor data indicating an economic slowdown.

It has led some analysts to warn of another global financial crisis that could even be worse than that of 2008-09.

 

Date created : 2011-08-08

  • EUROZONE

    Markets mixed as Europe digests ECB intervention

    Read more

  • FINANCIAL CRISIS

    Asian markets fall on historic US credit downgrade

    Read more

  • FINANCIAL CRISIS

    Recession fears grip market in worst week since 2008

    Read more

COMMENT(S)