Why gold keeps breaking records

The gold rally revved up again Friday, nearly hitting a record $1,250 an ounce, before slipping later in the day in volatile trade. Stock market jitters and Europe's debt troubles have sent investors flocking to the precious metal, but why?

Of course, gold is considered a safe-haven investment in times of economic uncertainty. After the stock market's so-called "flash crash" last week, gold jumped 2%. Choppy trading since then has further boosted the metal's appeal.

Gold for June delivery reached as high as $1,249.70 Friday, a record for intra-day trading of the active contract, before settling 0.13% lower at $1,227.60. Two days earlier, gold hit a record high settlement price of $1,243.10 an ounce on the Chicago Mercantile Exchange.

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- Posted: 2010-05-14 13:14:51

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