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29-Apr2011

Gold Surges To Fresh Record High of $1,538.80 On Thursday

Gold prices surged to fresh record crest of $1,538.80 on Thursday as investors took shelter under the safe haven on getting weaker than expected US GDP numbers which showed that growth for the first quarter slowed to a 1.8% annual pace. The yellow metal prices also got underpinned by the depreciation in US dollar, hitting another fresh 2.5-year low level, as it made the dollar denominated commodity more lucrative for overseas investors.

Gold futures for June delivery settled $15.20 higher at $1,532.30 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices advanced $4.50 to $1,532.25 an ounce.

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