Comex gold futures prices are trading sharply higher again Friday morning and have established another all-time record high of $1,881.40 U.S. an ounce. It’s "risk off" again in the marketplace Friday as world stock markets are again under strong selling pressure on fears the European Union debt crisis could spread into a worldwide debt contagion. Investors are flocking to the safe-haven asset gold. December gold last traded up $43.00 at $1,865.00 U.S. an ounce. Spot gold last traded up $24.10 an ounce at $1,813.75 U.S. December Comex silver last traded up $1.469 at $42.185 U.S. an ounce.
The European Union debt crisis and fears it may spread worldwide remain the major bullish fundamental factor for the gold market. World stock markets sold off sharply again overnight. If the U.S. stock indexes remain under strong selling pressure and close near their session lows on Friday, the situation come next Monday could get very, very ugly, as the general investor would have all weekend to stew over the bleak weekend news headlines. Such investors could then see gold prices see more and even bigger daily price gains early next week. The marketplace continues to look to the U.S. stock market and its daily movements. The daily price moves in the U.S. stock indexes continue to be the gauge for measuring investor risk appetite in the market place.
