Gold prices soared to new highs Friday, gaining as much as $59.40 US, or 3.3 per cent, to $1,881.40 US an ounce.
Bullion for December delivery later gave up a large part of that, but still closed up $30.20 on the New York Mercantile Exchange at $1,852.20.
The metal was headed for its seventh consecutive week of gains, the longest string of advances in almost four and half years.
Investors have been pouring into gold, looking for a place to conserve wealth amid concerns about the possibility of a U.S. downturn, Europe’s debt crisis or inflation after extensive government stimulus spending. Read More…