Gold Futures reach their Record High

Gold futures reached their record high on Friday despite stronger US dollar and developments on euro zone’s sovereign debt crisis. Gold price contract for August delivery advanced 0.9 percent or $14.20 to $1,601.10 per ounce on Comex trading of New York Mercantile Exchange. On Monday the respective contract reached the day’s high of $1,605.50 which is slightly higher than today.

It’s all time high stands at $850 per ounce back in January 1980 which is equivalent to $2,400 per ounce today after adjusting for inflation.

Investors are now closely watching the US debt ceiling negotiations. According to government $14.3 trillion debt ceiling has to be increased by August 2nd, 2011or the US government will be on verge of getting default.

Among other base metals, silver futures contract for September delivery jumped 3 percent or $1.15 to $40.09 per ounce while Copper futures contract for September delivery gained 0.5 percent or $0.02 to $4.40 per pound.

Platinum futures contract for October delivery surged 0.6 percent or $11.20 to $1,799 per ounce on Friday while its sister metal palladium futures contract for September delivery advanced 0.3 percent or $2.50 to $806.50 per ounce.

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