Open

Coming up

Don't miss

Replay


LATEST SHOWS

#TECH 24

Anonymous Vs ISIS

Read more

AFRICA NEWS

Ebola virus: US to send 3,000 troops to West Africa

Read more

AFRICA NEWS

Nigeria attack: Bomb blast in college in Kano

Read more

AFRICA NEWS

Ebola: Lockdown brings Sierra Leone capital to a halt

Read more

MEDIAWATCH

Sarkozy's political comeback: did he ever leave?

Read more

DEBATE

The World This Week

Read more

FRANCE IN FOCUS

Travel chaos: Air France pilots take industrial action

Read more

THE BUSINESS INTERVIEW

Christian Kastrop, Director of Policy Studies, OECD

Read more

AFRICA NEWS

Ebola: UN Security Council unanimously passes resolution

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)