Gold hits record high at $1,400

Investors looking for safer places to stow their assets pushed gold to a record price above $1,400 an ounce Monday as they become more worried about the global economy.

A combination of issues have created fresh worry among investors: Ireland’s debt difficulties and two key global summits where leaders of major industrial and developing nations are discussing currencies, free trade and ways to help the world economy.

Also in the back of investors’ minds is the prospect of inflation stemming the Federal Reserve’s multi-billion bond-buying program.

“People are really concerned again and so I think we’re seeing safe-haven buying,” IG Markets Inc. CEO Dan Cook said.

“Whether you’re holding dollars or euros or whatever you’re holding, gold is that one kind of go-to product, a commodity as well as a currency type of trade,” he said. “Nobody seems to be that willing to sell out of it.”

Gold for December delivery added $5.50 to settle at a record high of $1,403.20 an ounce. Some analysts believe gold could climb as high as $1,500 an ounce by year end.