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U.S. gold strikes record above $1,700 on S&P downgrade

IMG Auteur

24hGoldWire

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Published : August 08th, 2011

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Bullion roared to a record on Monday above $1,700 an ounce as an unprecedented downgrade to the U.S. credit rating sent investors scrambling out of riskier assets, hammering equity markets and the dollar.

U.S. gold futures touched an intraday high at $1,702.7 an ounce and cash gold, which hit its 11th record in 19 sessions.

Gold price, 5 days

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