Gold Prices Top Record, Break $1,260

By Alix Steet
TheStreet
Jun. 18, 2010

NEW YORK (TheStreet ) -- Gold prices hit a new record high Friday as investors fled into gold as a safe-haven asset.

Gold for August delivery settled $9.60 higher to $1,258.30 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,263.70 and as low as $1,243.10. The U.S. dollar index was slipping 0.01% to $85.68 while the euro fell slightly to $1.237 vs. the dollar. The spot gold price Friday was adding $12, according to Kitco's gold index.

Gold prices conquered new highs breaking their old high of $1,248 an ounce. Fridays in the summer typically lead to more volatility in gold as volume thins and traders shift into cash and gold to protect themselves against a weekend where anything can happen. Friday was also quadruple witching, which forced traders to repurchase or sell their options contracts before they expire.

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