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||3.85%||3.81%|
|15 yr fixed||2.95%||2.91%|
|30 yr refi||3.85%||3.82%|
|15 yr refi||3.02%||2.98%|
Today's featured rates:
The league announced on Monday that fans will be able to watch official NFL highlights on YouTube. More
Sorry, Alibaba. Internet portal Tencent is the most valuable brand in China. More
On demand delivery startup WunWun is expecting its order volume to double by the time they close up shop on Monday. All thanks to a blizzard. More
Identity thieves are stealing people's Social Security numbers and other key pieces of personal information in order to file a fraudulent tax return and claim a refund, the IRS warned Monday. More