Gold hits 1-week high

On Wednesday, Gold extended gains and rose to its highest in more than a week.

The press release is quoted as saying:

Gold has risen as much as 2.6 percent this week after investors turned to the metal for safety because of currency volatility related to debt problems in Europe, but a break above a recent high near $1,150 was needed to sustain the gains. Spot gold hit an intraday high of $1,128.70 an ounce, its strongest since March 8 and was within sight of a 6-½ week high at $1,144.60 hit in early March. It stood at $1,127.55 by 0524 GMT (1:24 a.m. ET), up $2.85 from New York’s notional close on Tuesday. Gold was about 6 percent below record of around $1,200 struck in early December.

Click here to access the entire press release