August 10, 2011 in Business

Gold shoots past record $1,800 an ounce

Associated Press

The price of gold surpassed $1,800 an ounce today for the first time as investors pulled their money out of stocks and snapped up precious metals contracts.

Gold is fast becoming a favorite port in a storm of uncertainty. Investors are clinging to what they see as a hedge against volatile stock and currency markets.

Gold for December delivery shot to a record $1,801 an ounce today before backing off those highs to finish at $1,784.30 an ounce.

Gold prices have shot past a series of milestones over the past two years on an uninterrupted climb. Gold was trading at about $900 in the summer of 2008, before the financial crisis unfolded that year. Resulting turmoil in currency and stock markets has burnished gold’s luster.

© Copyright 2011 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.

Get stories like this in a free daily email

Please keep it civil. Don't post comments that are obscene, defamatory, threatening, off-topic, an infringement of copyright or an invasion of privacy. Read our forum standards and community guidelines.

You must be logged in to post comments. Please log in here or click the comment box below for options.

comments powered by Disqus