Gold Prices Spike as Recession Worries Spread

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"Gold prices were soaring as worries that governments won't be able to grow their way out of debt caused a rush into the safe-haven asset."

The Street, Alix Steel

Gold prices were soaring Wednesday, closing in on $1,700 an ounce, as worries that governments won't be able to grow their way out of debt caused a rush into the safe haven asset.

Gold for December delivery was popping $20.70 to $1,665.20 an ounce at the Comex division of the New York Mercantile Exchange. The gold price has traded as high as $1,675.90 and as low as $1,654.40 while the spot gold price was a bit less enthusiastic adding only $2.40, according to Kitco's gold index. . .View full article

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