NEW YORK (CNNMoney.com) -- Gold continued its record run Friday, coming to within 30 cents of $1,250 an ounce, amid continuing concerns about the European debt crisis.
What prices are doing: Gold for June delivery rose $16.70 to $1,245.90 an ounce Friday. It reached as high as $1,249.70 earlier in the day, a record for intraday trading of the active contract.
What's moving the market: On Wednesday, gold settled at an all-time high of $1,243.10 an ounce. Though prices came down from that high a day later, they surged again on Friday as the euro fell to a 14-month low versus the dollar.
Concerns about volatility in the stock market since last Thursday's so-called "flash crash" and Europe's debt troubles have driven gold's rally this week. Gold is viewed as a safe-haven investment because it's tangible and not as vulnerable to geopolitical troubles as currencies.
What analysts are saying: "It's not like a piece of paper driven by shaky politicians and unstable governments," said Phil Streible, a senior market strategist with futures broker Lind-Waldock. "I feel a lot more comfortable having gold than the euro currency right now."
Streible expects gold to hit a new high of $1,250 an ounce Friday but then back down from the high as it meets some resistance at that level.
|Overnight Avg Rate||Latest||Change||Last Week|
|30 yr fixed||4.06%||4.28%|
|15 yr fixed||3.17%||3.24%|
|30 yr refi||4.04%||4.19%|
|15 yr refi||3.15%||3.18%|
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