12 Aug '11, 10pm

Gold hits peak record

Gold hits peak record

LONDON: Gold hit a record peak this week as investors sought shelter from slumping equities amid unfounded rumours of a France credit rating downgrade and worries over Societe Generale's Greek debt exposure. However, the French government categorically denied that it might be the next major country to lose its cherished AAA status and the ratings agencies said they did not plan to downgrade. And Societe Generale denied it was facing trouble over its exposure to Greece. Many other commodities sank in value on the back of mounting concern that the eurozone debt crisis and weak US economy could help push the world back into recession. PRECIOUS METALS: Gold surged overnight Wednesday to a record $1,814.95 per ounce, extending its recent record-breaking run as European debt woes flared up, one week after Washington's historic credit rating downgrade by Standard and Poor's. "Pan...

Full article: http://www.channelnewsasia.com/stories/afp_world_business...

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