This morning prices of gold have eased, from record overnight gains, but likely to scale new heights during the day, analysts have said.
US gold for August delivery was seen trading at $1602.32 in South East Asian trade while silver for September delivery was at $40.25 an ounce.
This puts gold at over £1,000.
Analysts said gold was likely to climb back to higher territory and likely to create new highs during the day. The move up has been attributed to a wider risk-aversion trade that forced US and European banks to sell off their shares and concerns over Italian and Spanish debt situations to gold’s boom.