The price of gold hit its latest record high, near $1,830 an ounce, as investors spooked by the prospect of a return to recession sought safety Thursday.
Gold prices have more than doubled since the recession began in late 2007.
They’ve risen about 19 percent since the beginning of June, as European leaders struggled to keep the debt crisis from infecting the region’s major economies and U.S. politicians nearly drove the country to the brink of default, prompting Standard & Poor’s to cut the country’s AAA credit rating.
Morgan Stanley on Thursday cut its forecast for global economic growth for this year and 2012, saying the U.S. and the 17 countries that use the euro were “hovering dangerously close to a recession.”
The metal’s swift rise has made it popular with investors seeking big returns, as well as presumed safety from turbulent financial markets.
Associated Press
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