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Gold hits new all time high on continued debt concerns

Wednesday 12th May

Gold prices hit an all time high as demand in the commodity reached levels not seen since the collapse of Lehman Brothers in September 2008.

Spot gold in London surged to above $1,230 a troy ounce, surpassing the previous record set in December last year. Gold prices in euro terms also hit a fresh all-time high of €969 an ounce in late trading in London on Tuesday, up almost 26% since the beginning of the year.

Global investors, led by the US, last year bought a record 228.5 tonnes of gold in the form of bullion coins, up from 77.4 tonnes in 2000, according to GFMS.

Demand is thought to be particularly strong in Switzerland, Germany and America as they try and hedge against the impact of the eurozone bailout talks. In addition, throughout Wednesday prices were expected to rise on inflation fears.

If you would like more information about investing in commodity funds, please contact us.

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