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Gold closes at record high for second day

The precious metal rose to $835.20 an ounce as stocks sank on Bernanke's concerns about economic growth.

November 8 2007: 3:16 PM EST

NEW YORK (CNNMoney.com) -- Gold settled at a record high for the second day in a row, closing at $835.20 Thursday, as investors continued to seek stability in precious metals.

Gold closed Wednesday at a high of $833.50 an ounce. The all-time high for a gold contract, set on Jan. 21, 1980, is $875.

Gold gained as Federal Reserve Chairman Ben Bernanke voiced concerns about economic growth, the subprime mortgage crisis and recent spike in oil prices, dragging stocks lower Thursday.

Safe-haven investors flock to gold as a hedge against stock volatility.

Gold settles at record high

Oil prices fluctuated Thursday as energy investors worried that the slowing economy could lower demand for oil and gasoline.

In currency trading, the dollar fell further against the euro after the European Central Bank voted to keep interest rates unchanged. The greenback fell slightly against the yen. Top of page

Stocks sink after struggling for direction

Bernanke warns on economic growth
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