Gold prices settled at a record high yesterday, following renewed worries about European banks and the global economy.
Gold for December delivery added $8.20 to settle at $1,259.30 an ounce after reaching $1,261.60 earlier in the day. Its record high price was $1,258.30 an ounce, although it has reached an intraday high of $1,266.50 an ounce. Both occurred in late June.
Some analysts believe gold could rise even higher in the months ahead as investors use the asset as a hedge against riskier bets.
Investors focused on reports that raised concerns about the global economy. European Union finance ministers acknowledged the recovery remains fragile, and news reports said European banks may have more risky government debt on their books than previously disclosed.