Wednesday, April 20, 2011

Gold Price Hits Record High

Gold hits new record price as global economic fears push investors into seeking safe heavens.

Spot gold set a new record of $1,501.26 (£917) an ounce in Asian trading, underpinned by a weak dollar. Standard & Poor's downgrade of America's debt outlook on Monday sparked a new flight into safe-haven investments.

Spot silver hit a 31-year high of $44.34 an ounce. Brian Ostroff of Windermere Capital described silver as "gold on steroids" on Tuesday. Gold has gained 32% over the past year, while silver has more than doubled in value.

Full Story @, Wednesday 20 April 2011 07.44 BST