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Gold Turns Higher, Hit Nominal Record

July 19, 2011

Gold for August delivery rose $6 to $1,608.40 an ounce in electronic activity and traded as high as $1,610.70, according to FactSet Research data.

In regular trading in New York on Monday, the precious metal settled at $1,602.40 an ounce, after touching an intraday record high of $1,607.90 an ounce.

Gold has hit a string of nominal records in recent sessions. Monday saw the 10th straight trading session of gains for the metal.

Barclays Capital analysts said that gold prices have continued to rally amid “a flight to safety” and “gold has drawn support from a raft of factors.”

Key factors include escalating European sovereign-debt uncertainty, with an emergency euro-area meeting scheduled for Thursday, as well as worries about U.S. debt, they said.

 

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