Gold prices today august 19 2011 : Gold soared to the latest in a series of new record highs of almost $1,900 an ounce in the week that the precious metal commemorated 40 years since it lost the role of underpinning the global foreign exchange system when the Bretton Woods agreement collapsed.
As investors ran for cover from turmoil in financial markets, they continued to turn to gold as a haven asset. Bullion hit a record of high of $1,877 a troy ounce on Friday and was trading at $1,850 an ounce at New York lunchtime, up 5.9 per cent since the start of the week. Read Gold prices prediction september 2011
Against the Swiss franc, gold also gained ground, hitting a new record of SFr1,484.84 on Friday. The yellow metal has had a strong run, up almost 14 per cent since the start of the month, and 24 per cent since the beginning of July.
Gold crossed $1,600 an ounce for the first time in mid-July; three weeks later it was worth more than $1,700 an ounce. Ten days later, it passed $1,800 an ounce, and it's now careening close to $1,900.
In midday trading Friday, gold for December delivery, the most actively traded contract, was up $31, or 1.7 per cent, trading at $1,853 an ounce.
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