LONDON (AFP) – The price of gold rose to an all-time high point above 1,250 dollars an ounce on Tuesday, as investors nervous about the weak state of the global economy sought safety in the precious metal.
At about 0925 GMT on the London Bullion Market, gold hit a record 1,251.85 dollars an ounce.
“Gold rallied to a new all-time high this morning as worried investors continue to pile in to the precious metal,” said Rajesh Patel, head trader at financial betting firm Spread Co.
“We are seeing continued signs of stress in the financial markets and investors, novice to expert are looking at gold now as a hedge against further turmoil.”
Gold is viewed as a safe-haven investment in times of economic trouble.