Gold prices posted its sixth consecutive session and reached record levels due to concerns about the debt crisis of the European Zone. Gold for August delivery rose U.S. $ 13.10, or 0.9%, to as low as U.S. $ 1,562.30 per ounce on the Comex division of the New York Mercantile Exchange. That number replaces the previous settlement record at U.S. $ 1,557.10 per ounce on May 2.
In real terms, gold was at a record U.S. $ 875 per ounce in January 1980, about two months after the started of the Iranian hostage crisis and less a month after the Soviet invasion of Afghanistan.
Previous metal price swings between appreciation and correction, but later received support from the European debt crisis fears that threatens Italy and Spain, countries with economies larger than Greece, Ireland and Portugal, which has now received financial aid.
Gold is traditionally seen as a value in uncertain economic conditions. Concerns about the spread of this crisis situation, pushing the dollar rose against the euro in most of the trading session, although the U.S. currency reduces the rise and shut down compared to major rivals. The dollar index, which compares the U.S. unit against six major currencies, at 75,775 recently, from 75.941 in the previous trade in North America.
Other metals prices also rose, except for silver. Silver futures for September contract fell 6 cents, or 0.2% to U.S. $ 35.63 per ounce. Copper rose 2 cents to $ 4.39 per pound.
Copper miners in Chile, the world's major exporter for the metals industry, has been breaking down over the possible restructuring of the Corporacion Nacional del Cobre (Codelco), the state-run miners, and the loss of some job gains. The strike at a copper mine in Indonesia also affects the production of metals.
Platinum for October delivery rose $ 8, or 0.5%, to $ 1,736.30 per ounce. The September contract for palladium, flat at U.S. $ 767.45 per ounce.
read also: Gold Gains After The Fed Minutes , Gold Futures Edged Up Amid Fears of Europe's Debt Crisis
