The price of gold hit another record high, at $1,829.70 an ounce, as investors spooked by the prospect of a return to recession seek out safety in the precious metal. Gold prices have more than doubled since the recession began in the winter of 2007, and are up about 19 per cent since the beginning of June. The metal's value, unlike that of a currency, does not depend on the health of a single country's economy. Its swift rise has made it popular with investors seeking big returns, as well as presumed safety from turbulent stock and currency markets.
While gold has recently hit a series of record highs, when adjusted for inflation it remains below a 1980 peak of $850. That is about $2,400 in 2011 dollars.
