– Gold Breaks $1700 (Wall Street Journal, Aug. 8, 2011):
LONDON—The spot price of gold surged above $1,700 a troy ounce, setting new records, as continuing concerns over European debt and an historic U.S. credit-rating downgrade sent investors flocking to the perceived safety of the yellow metal.
Ahead of the New York day, spot gold was up $42.70, or 2.6%, at $1,706.10 an ounce, after racing to a record $1,715.29 an ounce in early trade. Spot silver was up $1.45, or 3.8%, at $39.77 an ounce. Like gold, silver tends to benefit as a perceived hedge against economic insecurity.
– Gold soars above $1700 after S&P downgrade (MarketWatch, Aug. 8, 2011):
HONG KONG (MarketWatch) — Gold prices soared above the $1,700-an-ounce barrier on Monday to set another record as the Standard & Poor’s downgrade of U.S. credit ratings amplified worries about global economic outlook, luring investors to the metal’s safe-haven appeal.
Gold futures for December delivery GC1Z +2.92% spiked $54.10, or 3.3%, to $1,705.90 an ounce in electronic trading on Globex, more than recovering the losses it made in a regular session on Friday.
Gold futures rose as high as $1,718.20 an ounce during the session.