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Gold Prices Spike on Safe-Haven Appeal, South Korea Buy to $1660.10

August 2, 2011 Comments off

thestreet.com

Most Recent Quotes from www.kitco.comNEW YORK (TheStreet ) — Gold prices hit record highs Tuesday as the Bank of Korea bought more gold and as the Senate passed the debt ceiling deal.

Gold for December delivery popped $22.80 to close at $1,644.50 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,646.80 and as low as $1,618.80 while the spot gold price was skyrocketing almost $30, according to Kitco’s gold index.

Silver prices added 78 cents to close at $40.09 an ounce. The U.S. dollar index was up 0.22% at $74.48 while the euro was down 0.36% vs. the dollar.

With the debt-ceiling issue basically behind U.S. markets, investors are now looking at the health of the economy and the picture isn’t bright. Worries of slowing global growth were the main factors boosting gold prices.

Not only have quarterly growth numbers been anemic and July’s manufacturing index was barely above the critical 50 growth-mark, but the debt plan aims to Read more…