The price of gold forged another record peak on Wednesday at 891.70 dollars per ounce, as the precious metal was boosted by high oil prices, US economic woes and geopolitical concerns, traders said.
After striking the new high point, the price of gold eased back to 887.53 dollars an ounce on the London Bullion Market.
Traders invest in gold because they seek a safe haven amid uncertainty in times of financial uncertainty and global unrest.
In addition, surging oil prices encourage gold buying because the yellow metal is widely regarded as a defence against rising inflation, which in many countries is driven by the soaring cost of crude.
A weak US currency also makes gold more affordable for buyers using stronger currencies.
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