The price of gold soared past the $1,700 an ounce mark for
the first time ever on Aug. 8, at one point notching a new all-time high of
$1,716 an ounce in spot trading.
At press time, it was trading at $1,707 an ounce.
The gains come less than a month after gold first
crossed the $1,600 an ounce mark.
Analysts attributed the metal’s ongoing rise to
continued economic uncertainty in the United States and Europe.
In July, the head of a leading currency fund predicted gold
would hit $1,900 an ounce in November.