Gold has again eclipsed its own price record, now set at $1,457 per ounce.
This latest rise is a $16 increase from its price at the end of March, high investor demand has been cited as the driving force behind the ever-increasing price.
Investors have always flocked to gold during times of economic uncertainty , and recent concern over the sovereign debt that has cast an ominous shadow over the whole of Europe has sent people heading for the golden hills.
Marcus Grubb, Managing Director at the World Gold Council, said: “Gold hit a new all-time high today as investors once again turned to assets with strong wealth preserving and diversification characteristics and relatively low volatility.”
Interestingly Grubb also spoke about the comparison to oil, another commodity that has seen sharp increases in price, however while gold has Europe to thank for its high price, oil owes it all to Africa and the Middle East. Grubb said: “Current inflationary/deflationary uncertainty is being exacerbated by rising energy prices. Brent crude breached $120 for the first time since August 2008 and WTI crude is fast approaching $110, as a result of the events in the Middle East and North Africa.”
Gold prices rose on a seemingly weekly basis throughout 2010, and so far 2011 appears to be following the trend.