Gold hits new record


Reuters
April 6, 2011

Gold hit a record high on Wednesday while oil and corn were just off peaks struck this week as commodity prices fuel rising inflation that governments worldwide are struggling to contain.

Spot gold rose to a record $1,458.50 an ounce as investors bought the precious metal to hedge against inflation and as a save haven as sovereign debt problems flared again in Europe after Portugal’s credit rating was downgraded.

Euro zone debt woes and continued unrest in the Middle East and North Africa (MENA) have added to gold’s attraction for investors.

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