May 11, 2010
Gold price climbs within grasp of record high
May 11, 2010
LONDON, May 11, 2010 (AFP) - The price of gold jumped Tuesday 11 May within grasp of a new record high, as investors sought a safe-haven investment amid ongoing concerns about the eurozone debt crisis.
Photo: AFP/File/Sebastian Derungs
In trading on the London Bullion Market, gold climbed to 1,218.60 dollars an ounce. That was not far from the record high of 1,226.56 dollars that was struck on December 3, 2009.
"While markets look vulnerable, the precious metal will maintain its safe haven role," said Capital Spreads analyst Simon Denham.
"The response of the central banks and the IMF to the southern European mess is almost guaranteed to ensure continued volatility in world markets."
Gold, whose two main drivers are jewellery and investment buyers, had forged record highs last year on the back of inflationary fears and increasing moves by central banks to diversify assets away from the dollar.
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