New York: Gold prices extended gains to set a new record high level of over 1,278 dollar an ounce in overseas markets o Thursday as investors looked for a store of value amid uncertainty over the global economic growth.
The metal surged by 10.25 dollars to 1,278.30 dollars an ounce in London and New York as investors sought protection against turmoil in the global economy and financial markets.
The metal, which had been on a record setting journey this week, surged on rising demand among investors as a safe haven and hedge against inflation.
A weak trend in equity markets and dollar falling to five-week low against the euro, forced investors to park their funds in bullion.
Bullion has gained as the MSCI World equities Index fell 0.9 per cent this year. The silver prices also remained on bull run and reached a level last seen on March 2008.
Likewise, silver prices added 0.9 percent to 20.76 dollars an ounce, the highest price since March 2008
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