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gold1 300x200 Gold hits record high near 1,278 dollars

Gold hits record high near 1,278 dollars. LONDON: The price of gold struck an all-time high close to 1,278 dollars an ounce in trading here on Thursday.Gold hit a record 1,277.90 dollars an ounce at 12:30 pm (1130 GMT) on the London Bullion Market.

It had already reached an all-time high above of almost 1,275 dollars on Tuesday, breaking June’s record of 1,265 dollars, as investors sought safety amid an uncertain economic outlook.

Gold is seen as a safe haven investment and also a hedge against inflation.

Gold hits record high near 1,278 dollars