Gold Hit New High on FOMC Minutes and US Debt Problems

Precious metals rallied with gold hitting a fresh record high of 1458.6 before closing at 1452.5, up +1.36%. Silver also broke above 39 for the first time in 31 years as demand for safe-haven assets surged. Deteriorated financial conditions in Portugal as well as other peripheral European countries, a shift to tightening rhetoric by central banks and failure to lift the US debt ceiling were the main reasons for the loss of market confidence yesterday.

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Gold Hit New High on FOMC Minutes and US Debt Problems