Spot Gold Hits New 2010 Record Above $1,218/Oz

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Spot Gold Hits New 2010 Record Above $1,218/Oz

LONDON (Dow Jones)–Spot gold hit a new record high for 2010 Tuesday, with investors increasingly seeking hard assets to offset fears that sovereign-debt problems aren’t going away despite a European Union aid package announced at the start of the week.

As of 1126 GMT, spot gold hit a 2010 record high of $1,218.40 a troy ounce, breaking the high of $1,213.80/oz hit Friday.

Meanwhile industrial metals traded lower with copper on the London Metal Exchange down 2.7% on the day, crude oil lower and platinum down.

Holdings in the largest gold exchange-traded fund hit a record high this week as well. SPDR Gold Shares now stand at a record 1,192.15 metric tons, a rise of 51 tons from a month ago and 33 tons from a week ago.

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