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The price of gold advanced to a fresh record peak above $1,700 Monday morning as investors shun riskier assets amid global growth jitters.
Rating agency Standard & Poor's on late Friday downgraded U.S. sovereign credit rating by one notch to 'AA+' from 'AAA' with a negative outlook
Gold for December delivery, the most actively traded contract, gained $58 to $1,709.80 an ounce. Last week, gold advanced to a fresh record intraday peak of $1,685 amid safe haven appeal.
Earlier today, Goldman Sachs raised its gold price forecasts, citing the fall in U.S. real rates and intensifying sovereign debt issues in both sides of the Atlantic. The investment bank raised its three-month gold price forecast to $1,645 per ounce from $1,565 per ounce. It also upped its six-month and 12-month forecasts to $1,730 per ounce and $1,860 per ounce, respectively.
Holdings of SPDR Gold Trust, the world's largest gold-backed exchange-traded fund, were unchanged at 1,286.30 tons.
Meanwhile, the U.S. dollar was moving higher against the euro, sterling and the Swiss franc Japanese, while ticking lower against the yen.
In economic news, the euro zone investor confidence deteriorated notably in August after improving in July, according to a leading survey. The sentix investor sentiment index, an indicator of confidence around 900 investors, fell to minus 13.5 from 5.3 points in July. Economists had expected the index to fall to just 4 points.
Elsewhere, the prices of silver and platinum moved up in morning deals
Gold continued its uninterrupted record-breaking rally and jumped to another historic high at the domestic bullion market here today on consistent buying from stockists and investors driven by bullish wave in overseas.
Silver re-bounced sharply on the back of heavy speculative demand.
Standard gold (99.5 purity) zoomed by Rs 395 per 10 grams to end at Rs 24,930 from last Saturday's close of Rs 24,535.
Pure gold (99.9 purity) also surged by a similar margin of Rs 395 per 10 grams to finish at Rs 25,045 as compared to Rs 24,650 previously.
Silver ready (.999 fineness) shot up by a hefty Rs 1,255 per kg to close at Rs 60,535 over its weekend close of Rs 59,280.
In Europe, gold soared to record highs and surpassed the psychological USD 1,700 an ounce mark on concerns over worsening Eurozone debt crisis as well as downgrading of the US economy amidst uncertainty in the financial markets.
Spot gold was bid at USD 1,705.80 an ounce in early trade.
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