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The highest record of US$ 1,702.70 per troy ounce at Comex, New York

The highest record of US$ 1,702.70 per troy ounce at Comex, New York. In Melbourne, Australia, the price of the same contract was US$1,701.90 per troy ounce. On the spot market, the price of gold increased by 2.2% to US$1,700.22 per troy ounce, which is also the first ever in the history.

Even though the price of gold has increased by 20% this year, the price hike may be higher than last year, 30%, if the US economy does not recover fully.

The worry about the US debt crisis and global economic downturn has driven the price of the precious metal. Gold is any of the safest investment instruments chosen by investors. When they are pessimistic or worrying about economic condition and currency, gold is any of the safest choices.