Gold hits record above $1,260 on safe haven demand

Last Updated: Fri, Jun 18, 2010 15:10 hrs

Spot gold hit a record high above $1,260 an ounce on Friday as demand for bullion as a haven from sovereign and financial risk pushed the metal through technical resistance.

Spot gold hit a high of $1,260.20 an ounce and was bid at $1,258.85 an ounce at 1447 GMT, against $1,243.40 late on Thursday. U.S. gold futures for August delivery also hit a record $1,262.00, and were later up $12.00 at $1,260.60.

(Reporting by Maytaal Angel. Editing by William Hardy)

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