Gold hits record high on world inflation and debt worries

The spot price for gold rose by $23.70 oz. today on inflation fears centered in Great Britain and China and rising concerns over sovereign debt levels in many developed nations. The US Dollar Index fell sharply especially against the Japanese Yen and the Swiss Franc. Gold on the New York COMEX closed at $1269.70 a new nominal high. Silver also rallied closing up .43 cents at $20.50 oz. its highest close in more than two years. The bond market rose with the yield on US Treasuries falling slightly. Stocks were mixed with the major indexes trading in a narrow range and closing near flat.

The price of gold has risen by more than 33% in the last twelve months.