Gold touches record high as investors fear recession

Gold futures rose to a record Tuesday, spurred by continued fears about prospects for a worldwide slide into recession and as investors sought out an alternative to currencies.

Gold for August delivery, the most active contract, added $6.40, or 0.5%, to $1,246.10 an ounce on the Comex division of the New York Mercantile Exchange. Gold settled at $1,243.10 on May 12.

"We see people buying gold for safety. Gold is in effect trading as a currency," said Frank Lesh, a broker and analyst at FuturePath Trading in Chicago. "Every couple of weeks you hear about more (sovereign) debt problems from a different country."

Gold also has set fresh record prices in euros, the British pound, the Indian rupee, the South African rand and the Chinese yuan, among others, according to analysts at Barclays Capital.

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- Posted: 2010-06-08 10:15:57

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