Don't miss

Replay


LATEST SHOWS

EYE ON AFRICA

Boko Haram crisis: Chadian President calls on militants' leader to surrender

Read more

BUSINESS DAILY

Europe on the road to recovery

Read more

YOU ARE HERE

The secrets of fashion design

Read more

MEDIAWATCH

Facebook versus French courts

Read more

DEBATE

Coughing dragon? China's growth slows amid credit crunch fears (part 2)

Read more

DEBATE

Coughing dragon? China's growth slows amid credit crunch fears (part 1)

Read more

THE BUSINESS INTERVIEW

2018 'will mark end of banking secrecy in Switzerland': OECD tax chief

Read more

THE INTERVIEW

Liberia's president slams Boko Haram's use of female bombers

Read more

REVISITED

Yalta, the symbol of a new Cold War?

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)