Gold cracks US$1300 per ounce milestone

The gold futures price broke through the US$1300 per ounce mark on the Comex division of the New York Mercantile Exchange last Friday, its seventh record high in the last nine sessions.

The gold futures price broke through the US$1300 per ounce mark on the Comex division of the New York Mercantile Exchange last Friday, its seventh record high in the last nine sessions.

The price settled at US$1298.10 an ounce when the markets closed and at the time of writing was trading at US$1297.10 per ounce.

The gold price has been driven to record highs over the last 12 months thanks to the continued uncertainty surrounding the US and European economies.

Investors have been purchasing gold as a more secure option in favour of the US dollar or the Euro.

The Australian dollar has also been driven upwards by the slumping US dollar.

At the time of writing, one Australian dollar was paying US95.77 cents, but was as high as US96.20cents earlier this morning.

Australian gold miners have complained that the potential gains from the massive gold prices have been tempered by the high exchange rates.

To keep up to date with Australian Mining, subscribe to our free email newsletters delivered straight to your inbox. Click here.