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Europe crisis pushes gold to record high

Spot gold rose more than 1% to a record high above $1,920 on Tuesday, as concerns about a worsening eurozone debt crisis and stalled global growth drove investors out of from riskier assets to safe havens.

business Updated: Sep 06, 2011 22:41 IST

Spot gold rose more than 1% to a record high above $1,920 on Tuesday, as concerns about a worsening eurozone debt crisis and stalled global growth drove investors out of from riskier assets to safe havens.

It was the 12th record high that spot gold has reached since August, and the rally is expected to continue, with investors unable to see a quick resolution to the eurozone crisis and the global economy at risk of slipping into another recession.

Following global cues, the yellow metal rose by Rs 470 to touch a new peak of Rs 28,750 per 10 grams in New Delhi, a level last seen on August 22 when it hit Rs 28,540 per 10 grams.

(with agency inputs)