Arirang
August 19, 2011

The price of gold hit a record high on Friday, as investors are seeking safer assets amid deepening concerns over slowing economic growth and the outlook for euro zone banks.

Gold spot was up 2-and-a-half percent at 1,868 dollars 70 cents an ounce after peaking at 1,877 an ounce.

It is on track for its biggest one-month rise in nearly 12 years in August and is up 32 percent so far this year.