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Gold continues its record run

By Annalyn Censky, staff reporter


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.

gold.png
Click the chart for the current price of gold and other commodities.

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.

Silver: Silver, another precious metal, also rose in Friday trading. Silver for July delivery, the most active contract, rose to $19.625 an ounce, up about 13 cents. To top of page

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