gold price september 6 2011 : GOLD prices topped $US1900 a troy ounce today as worries about slowing growth and European debt whetted appetite for the metal’s perceived safe haven.
Gold for December delivery rallied $US25.90 to $US1902.80 an ounce in electronic trading on Globex. The contract had risen as high as $US1908.40 an ounce, according to data from FactSet.
Gold futures rose rapidly to touch a record $US1912.29/oz on August 23 before falling more than $US200 in the next 48 hours after US exchange operator CME Group hiked trading margins on gold futures.
Demand for bullion gained as US stock-index futures and European equities fell.
An election defeat for German Chancellor Angela Merkel’s party prompted worries about whether support for helping Europe’s debt-ridden would decline.
Earlier in London, spot gold was hovering about the key $US1900 a troy ounce mark, and was expected to soon rise back toward record territory, as deepening concerns over global growth prompt investors to abandon risk assets in favor of perceived safe havens, like bullion and core government bonds.
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