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Gold racks up latest record high near $1,830 an ounce as fears of recession sink stocks
NEW YORK (AP) ' The price of gold hit another record high, at $1,829.70 per ounce, as investors spooked by the prospect of a return to recession seek out safety in the precious metal.
Gold prices have more than doubled since the recession began in the winter of 2007, and are up about 19 percent since the beginning of June.
The metal's value, unlike that of a currency, doesn't depend on the health of a single country's economy. Its swift rise has made it popular with investors seeking big returns, as well as presumed safety from turbulent stock and currency markets.
While gold has recently hit a series of record highs, when adjusted for inflation it remains below a 1980 peak of $850. That's about $2,400 in 2011 dollars.