Gold hits new highs as stocks take a beating

London: Gold hit a lifetime high of Rs19,010 (Dh1,482) per 10 grammes in India yesterday while it hit a record dollar high above $1,250 an ounce and new peaks in other currencies as concern over Europe's economic outlook lifted risk aversion, knocking stock markets lower for a third session.

Fears grew over prospects for a European economic recovery after ratings agency Fitch warned that the United Kingdom was facing a "formidable" challenge in its plans to cut high government borrowing.