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Gold strikes record as markets tumble

Gold strikes record as markets tumble
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First Published: Thu, Aug 18 2011. 11 44 PM IST
Updated: Thu, Aug 18 2011. 11 44 PM IST
New York/London: Gold rallied 2% to new high above $1,820 an ounce on Thursday, after US economic data pointed to a stalled economy, while renewed concerns about the health of European banks brought safe-haven buying.
Spot gold was up 1.9% at $1,822.29 ounce by 1523 GMT, having hit a record $1,825.99 and was on course for a 9% gain over the last two weeks.
Gold prices climbed to fresh highs at the domestic bullion market in Mumbai, too, rising by Rs 395 per 10 gm to finish at Rs 26,790 from Wednesday’s closing level of Rs 26,395.
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First Published: Thu, Aug 18 2011. 11 44 PM IST
More Topics: Gold | Prices | Markets | US | Economy |