Our Terms of Service and Privacy Policy have changed.

By continuing to use this site, you are agreeing to the new Privacy Policy and Terms of Service.

Gold hits record high ... again

chart_ws_commodity_metals_gold.top(2).png By Amy Sahba, CNN

NEW YORK (CNNMoney.com) -- Gold prices surged to new record highs on Thursday, continuing a rally started earlier in the week.

Gold futures for December delivery rose $5.10 to close at a record high of $1,273.80 an ounce in New York. That topped the previous all-time high closing price of $1,271.70, which came on Tuesday. Earlier in the day, contracts were trading even higher, at $1,279.50 an ounce.

Typically seen as a safe haven, gold is the ultimate currency for many investors. It involves the lowest risk because it is a tangible asset, and shows the highest upward price potential during times of stock and currency volatility.

Uncertain financial markets, weak economic conditions and the stressful political conditions of the mid-term elections are the main causes for rising prices, said Carlos Sanchez, a precious metals analyst with CPM Group.

And today's record might just be the beginning, with no sign of any of these worries easing up. Sanchez said gold prices will likely keep rising through the first quarter of next year. "The next level is $1,300 -- possibly by the end of this month. And I would not be surprised if it heads up to $1,400 by the end of this year."

Additionally, with the flood of U.S. dollars in the market and serious concerns over European countries' ability to back up debt obligations -- not only investors, but countries such as China, Russia and Egypt are buying gold.

While gold prices hit a record on Thursday, they were still a far cry from their real peak, as measured in dollars adjusted for inflation.

Gold hit its summit on Jan. 21, 1980, when it peaked at $825.50 an ounce -- in 1980 dollars. That translates to an all-time peak of $2,184.08 an ounce in 2010 dollars. To top of page

Overnight Avg Rate Latest Change Last Week
30 yr fixed3.82%3.93%
15 yr fixed2.98%2.99%
5/1 ARM3.13%3.28%
30 yr refi3.91%3.98%
15 yr refi3.08%3.06%
Rate data provided
by Bankrate.com
View rates in your area
Find personalized rates:
Index Last Change % Change
Dow 17,827.09 107.17 0.60%
Nasdaq 5,134.79 26.12 0.51%
S&P 500 2,093.08 12.67 0.61%
Treasuries 2.16 -0.06 -2.66%
Data as of 12:08pm ET
Company Price Change % Change
Bank of America Corp... 17.59 0.16 0.89%
General Electric Co 29.95 0.01 0.03%
Pfizer Inc 33.40 0.63 1.93%
Freeport-McMoRan Inc... 8.30 0.12 1.41%
Microsoft Corp 54.82 0.48 0.87%
Data as of 11:53am ET


Credit Suisse is offering more generous benefits for new parents in the U.S., including paid leave of 20 weeks, as part of a package that it claims is the best on Wall Street. More

Manufacturing's ISM index hit 48.6% last month -- anything below 50% means the sector contracted. The November reading is the lowest since 2009. More

Samantha Decombel got her speaking invitation revoked after conference organizers learned she was seven months pregnant. More

Hive, a startup funded by the UN, is tasked with getting more Americans engaged with the refugee crisis. More

Have you heard of Harvey Mudd College? A degree from this small liberal arts school can cost more than a house, but grads earn about $92,300 a year after getting their degree. Google hired 11 Mudders last year. More