Gold may surpass record

08:57, May 07, 2010      

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Gold may target its previous record as concern that financial turmoil will spread from Greece across Europe prompts investors to seek refuge in the metal, according to Morgan Stanley.

"While contagion fears persist, gold should remain well supported and we expect gold to test its December 2009 high above $1,200 an ounce," New York-based Hussein Allidina wrote in a note on Wednesday.

Gold for immediate delivery traded little changed at $1,175.38 an ounce by 10:47 am on Thursday in Singapore, 4.2 percent short of its record $1,226.56 reached Dec 3. The precious metal has gained 7.1 percent this year, hitting peaks in euro, sterling and Swiss franc terms.

Source:China Daily


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