Gold sets a new record high level of $1,278 an ounce

NEW YORK: Gold prices extended gains to set a new record high level of over 1,278 dollar an ounce in overseas markets today as investors looked for a store of value amid uncertainty over the global economic growth.

The metal surged by 10.25 dollars to 1,278.30 dollars an ounce in London and New York as investors sought protection against turmoil in the global economy and financial markets.

The metal, which had been on a record setting journey this week, surged on rising demand among investors as a safe haven and hedge against inflation.
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