By Myra P. Saefong, MarketWatch
TOKYO (MarketWatch) — Gold futures rallied to fresh record intraday levels on Globex Tuesday, poised to extend a six-session winning streak that’s already added more than $50 an ounce to their value.
Gold for February delivery (GCG11 1,428, +11.50, +0.81%) , the most-active futures contract, gained $7.20 to $1,423.30 an ounce in electronic trading on Globex after tapping a high of $1,426.
The contract had gained $9.90 Monday to mark a record settlement price of $1,416.10 an ounce on the Comex division of the New York Mercantile Exchange.
February gold has climbed $51.80 from its Nov. 26 close of $1,364.30, according to data from FactSet Research.
Adjusted for inflation, today’s gold prices are still well below 1980 levels.
“The big worry is that the political powers in Europe and the U.S. are not solving the financial/debt problems adequately and do not seem to be able to sell the harsh cures to their voters that are needed,” said Julian Phillips, an editor at GoldForecaster.com.
The “inability of the [European Union] and the U.S.A. to come to grips with the debt problems is making people turn to gold because it is a respected international money beyond the reach of politicians or bankers,” he said.
