Gold soars to all-time high

03 Aug, 2011

Gold surged over 2 percent to all-time highs on Tuesday, as investors sought a safe haven from sliding stock markets, a sputtering economy and a potential downgrade of the top-notch US credit rating. Spot gold was up 2.1 percent at $1,652.86 an ounce by 3:31 PM EDT (1931 GMT), having touched its ninth record this year at above $1,650. US gold futures for December delivery settled up $22.80 at $1,644.50 an ounce. Silver rose 3.5 percent to $40.620 an ounce.

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