NEW YORK (AP) Gold futures briefly rose above $900 an ounce an all-time high before pulling back Friday as growing worries of a U.S. recession prompted uneasy investors to keep buying the precious metal.
An ounce of gold for February delivery on the New York Mercantile Exchange jumped $6.50 to $900.10 in morning trading, an all-time high and a psychologically important milestone. The precious metal later fell on profit-taking but still ended $4.10 higher to settle at $897.70 an ounce, a new closing record.
Gold also hit an all-time high of $897.30 on Thursday.
"It's a reflection of market sentiment: Gold is a hedge against uncertainty and right now it's the best bet," said Carlos Sanchez, a precious metals analyst at CPM Group in New York. "None of the other investment options look that great and gold does."