Gold swept to a record high above $1,275 per ounce on Thursday, as currency market jitters and broader economic uncertainty attracted more investors to the metal's safe-haven credentials.
Strong investment demand pushed spot silver, often seen as a cheap proxy for gold, to $20.75 an ounce -- its highest level since March 2008.
Spot gold was bid at $1,273.75 a troy ounce at 1450 GMT (10:50 a.m. EDT), compared with $1,265.65 an ounce at the close on Wednesday.
Earlier on Thursday it hit a record $1,277.70 an ounce. U.S. December gold futures also rose to a historic high.
"It's an insurance policy at the end of the day," said Robin Bhar, analyst at Credit Agricole. "All the ingredients are still there -- all the uncertainty and fear -- to keep gold underpinned."
You could have done a lot worse betting on gold after 9/11 back when it was $300 an ounce, you know. A whole lot of people are thinking commodoties are a good place to be right now (but not oil). Gold up, housing markets down, stocks fluctuating all over the place...look familiar?
It should. We were here two years ago.
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