Gold hits highs again

Tuesday, 5 April 2011 11:05

Gold futures surged to a record of $1,452 an ounce as sovereign-debt concerns demand for the precious metal as an alternative asset.

Silver topped $39 an ounce. Another point to note is the gold silver ratio average which is normally around 62 but now currently trading at ~38.

The cost of insuring Portugal’s debt rose to an all-time high. The conflict in Libya and the ongoing Japanese crisis spurred demand for gold as an investment haven.

Gold futures for June delivery rose $17.40, or 1.2 percent, to $1,450.40 at 12:12 p.m. on the Comex in New York. The previous record was $1,448.60 on March 24.

Gold for immediate delivery rose as much as 1.2 percent to a record of $1,450.65.