Gold hits new record as euro zone fears resurface!
LONDON, England - November 9, 2010 - Gold hit record highs for a fourth day in a row on Tuesday, as fresh concern over the debt burdens of several euro zone member countries prompted safe-haven buying, while palladium rallied for a fifth day.
Silver touched $28.90 an ounce, the highest since March 1980, palladium saw $732.50 an ounce, its highest since April 2001. Platinum hit $1,795.50, its highest since July 2008.
Spot gold hit $1,422.30 a troy ounce and was bid at $1,419.50 an ounce at 1540 GMT from $1,409.09 late in New York on Monday. U.S. gold futures also hit a record $1,422.10 an ounce.
"European investors are worried about the euro, real rates are very low and set to stay low for a long time, so the opportunity cost of investing in gold is tiny," said Citi analyst David Thurtell. "Lots of good reasons to buy it and not many to sell it," he added.
