Matt Day
Wall Street Journal
August 3, 2011
NEW YORK (Dow Jones)–Gold futures continued their march into record territory Wednesday, with investors seeking a refuge as the euro-zone debt crisis and signs of sluggish global growth clouded the outlook for other assets.
The most actively traded gold contract, for December delivery, recently traded $28.60, or 1.7%, higher, at $1,673.10 a troy ounce on the Comex division of the New York Mercantile Exchange. Futures rose as high as $1,675.90/Oz, a record intraday high for a most-active contract.
Gold futures paused Monday, as the weekend agreement between Congressional leaders and the White House to raise the U.S. debt ceiling muted investor demand for a refuge. Investors had piled into gold during weeks of stalled talks on the borrowing limit on the chance that the U.S. would default or see its credit rating downgraded.
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