NEW YORK - August 18, 2011 - Gold prices are again marching in record territory, nearing $1,830 an ounce, as the global economic picture gets uglier by the minute.

Gold jumped 2% to hit an all-time high (not adjusted for inflation) of $1,829.70 an ounce Thursday morning, as jittery investors dumped risky assets like stocks and rushed into traditional safe havens, including gold and U.S. Treasuries. Gold closed at $1822, up 1.6% for the day.

Buying of U.S. debt was so heavy that it sent the 10-year yield below 2% for the first time in history.

The worries began to intensify overnight, after Morgan Stanley slashed its global growth forecast and warned that the U.S. and Europe are "dangerously close" to a Depression.

Early in the morning, jobless claims and inflation – against which gold is often used to hedge - rose more than expected.

Furthemore, just after the U.S. stock market opened for trading, signs of an economic slowdown got much worse.

Manufacturing activity in the Philadelphia region contracted to a level last seen in March 2009, when the U.S. was still in a Depression. In addition, existing home sales tumbled.

"Investors are running scared into gold because of the persistent problems and (Depr)ession-like performances in Europe and United States," said Jeffery Nichols, senior economic adviser at Rosland Capital and managing director at American Precious Metals Advisors.

Gold prices also got support after Venezuela said it is planning to nationalize the county's gold industry to reduce smuggling.