The spot price of gold set a new record on July 18 by crashing through the $1,600-an-ounce barrier.
At press time it was trading at $1,606 an ounce.
Analysts attributed the metal’s rise to uncertainty over Europe’s debt crisis, as well as nervousness over the debt limit negotiations in the United States.
Gold first crossed the $1,500 barrier on April 19, and the $1,400 an ounce benchmark last Nov. 9. Overall, the price of gold rose 29 percent in 2010.
Standard Chartered Bank has predicted the gold price may hit $5,000 by the end of the decade.