Gold notched up a fresh record in excess of $1,600 a troy ounce on Tuesday morning as debt crises on both sides of the Atlantic continued to dominate investors’ minds.
The precious metal has surged 8.4 per cent in little more than two weeks as fear has swept financial markets, burnishing the appeal of haven assets such as bullion.
Gold has now set four new records in five trading sessions. On Tuesday it hit a new nominal peak of $1,609.51 a troy ounce, before softening to $1,603 by mid-morning in London after a successful Spanish bond auction gave investors some short-term relief.
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