Gold Jumps to Record in Longest Rally Since 2007

Gold rose to a record above $1,860 an ounce,longest run of weekly gains since April 2007. It is believed concern the global economy is slowing drove equities lower and spurred demand for a haven.

The metal is set for a seventh weekly advance as worse- than-expected U.S. economic data and Europe’s debt crisis boost speculation growth will falter. Asian stocks extended a global rout today after a Philadelphia-area manufacturing index sank to the lowest level since 2009, U.S. jobless claims rose and existing home sales fell.

Morgan Stanley and Deutsche Bank AG this week cut forecasts for China’s growth.


Rand, Euros, Pounds

Gold reached record highs today priced in Swiss francs, South African rand, New Zealand and Canadian dollars, euros and British pounds. June-delivery gold on the Tokyo Commodity Exchange also rallied to its highest ever.

The metal, up 31 percent this year, is in the 11th year of a bull market, the longest winning streak since at least 1920. Investors want to protect their wealth from declining equities, depreciating currencies and accelerating consumer prices. According to bloomberg news, gold may climb next week amid concern about debt crises and slowing growth. (Bloomberg)