Gold reaches record $936.92 an ounce
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Gold prices hit a historic $936.92 per ounce on Friday as the yellow metal was boosted by strains in the US economy and weakness of the dollar, analysts said. The record-breaking run on the London Bullion Market beat the previous high of $933.33 set on Tuesday. Platinum meanwhile soared to an historic high of $1,760 an ounce on the London Platinum and Palladium Market. Precious metals are in demand by investors seek a safe haven for their cash amid deepening concerns that the US economy could be heading for a recession. Weakness of the dollar encourages demand for dollar-priced commodities because it makes them cheaper for buyers using stronger currencies.
In recent days, power shortages in South Africa -- the world's biggest gold producer -- have also paralyzed mining activity and put even more pressure on prices. (AFP)
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