Gold rises to new record high at $1488.21 an ounce

By @ibtimes on

Gold traded at a new historical level today at $1488.21an aounce, as investors returned to safe havens, after Greece announced plans of debt restructuring, spread pessimism regarding European Debt crisis.

Meanwhile, several factors propel gold prices higher, where Moody's Credit rating reduced its recommendations of Ireland, which triggered demand levels on Gold, considered as a safe haven.

Noting, U.S inflationary where released better than expectation in China and India led Gold hike, as Gold considered as an Anti-Inflation.

Gold prices rose to reach $1487.08, after recoding high at $1488.21per ounce, climbing from the opening price of $1478.04. Oil surged to reach $109.44 after opening at $108.68 per barrel.

Data as of 08:33 PM GMT.

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