Gold price hits a new record

Slow economic growth and debt concerns sent gold spiralling to nearly $1,900 (Dh6,977) an ounce on Monday. It hit a record as the price climbed to as high as $1,894.80 an ounce in London, beating its last high of $1,878.15 on Friday. Up 15 per cent in August, the precious metal, which was earlier expected to hit $2,000 an ounce by 2015, is now likely to touch the mark in the next few months. Pradeep Unni, senior commodity analyst at Richcomm Global Services, said: "If the current momentum and macro-economic fears fail to recede, we can see this [$2,000 an ounce mark] being scaled, well before year-end. This is given the speed of about two to five per cent every week."