Business | Markets

Gold strikes record high above $1,700

The price of gold reached $1,704.30 an ounce in Hong Kong tradeas Asian stocks tumbled following Standard & Poor's downgrade of US debt

  • AFP
  • Published: 09:33 August 8, 2011
  • Gulf News

Gold
  • Image Credit: Reuters
  • Gold strikes record high above $1,700

Hong Kong: The price of gold struck a record high above $1,700 an ounce on Monday with dealers flocking to the safe haven metal, as Asian stocks tumbled following Standard & Poor's downgrade of US debt.

The price of gold reached $1,704.30 an ounce in Hong Kong trade.

"People are just taking their money out [of other markets], especially from the dollar and euro and investing in gold and the Japanese yen," a Tokyo-based trader told Dow Jones Newswires.

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