Gold price hits record high
THE VALUE of gold jumped to a massive record high, topping $1,800 an ounce as investors push for the safe haven assets.
The move came as global equities plunged amid escalating US and European debt woes.
But Asian investors are also turning their interest to other metals after yesterday's sell-off in the US and Europe left many of them substantially cheaper.
Three-month copper was trading 2.9pc higher at $8,844 a metric ton, while tin was up 3.3pc at $23,500/ton, nickel was up 3.5pc at $21,700/ton and zinc up 3.8pc at $2,180/ton.
And there are now fears that the rapid rise in prices could cause a price retracement.
"Gold is overbought and things are looking a little risky," said a dealer in Hong Kong, who felt gold could fall towards $1,750.
"But as the debt worries linger and the stock market is still on the downslide, gold remains a safe haven."
The value of gold began to ease back this morning.