Gold Prices climb to within $10 of record

Gold Prices have climbed to within $10 of their all-time peak, it has been revealed.

Investment interest in the precious metal increased following widespread concern that some of Europe's less powerful economies would not benefit from the financial impetus recently agreed upon by the European Union, reports Reuters.

The news provider said: "Gold hit five-month highs … to within $10 of its December record peak as risk aversion returned on doubts over smaller euro zone countries' ability to cut their deficits despite a $1 trillion aid package."

Meanwhile, analysts at Action Economics told MarketWatch that the Gold Prices had turned higher as traders turned to the precious metal for its safe-haven qualities.

They said: "Equity markets slumped and gold firmed up as the market favored safe-haven trades."

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