Gold Surges Near Record Levels

Gold traded near record levels again today. August contracts hit an intra-day high of $1252.80/ounce and have settled at $1245.60/ounce, up $15.

The record high for gold is $1254.50/ounce.

Economic indicators today pointing to a sluggish economy may have pushed many investor back into the metal as a safe haven versus currencies. Additionally, economic data though the week haven't been as reassuring as many might have imagined, with a drop in export prices, lagging housing starts, negative PPI, and initial jobless claims the only indicator coming in above expectations, which isn't what you want to see.

In Europe, the Euro gained strength as Spain announced a rather successful €3.5 billion bond auction, though at a yield of at 4.864% and 5.90% for 10- and 30-year bond, respectively.

All gold ETFs are up today as well:

• SPDR Gold Trust (NYSE: GLD) up 1.21%;
  
  
• Market Vectors Gold Miners ETF (NYSE: GDX) up 2.50%;
  
  
• Market Vectors Junior Gold Miners ETF (NYSE: GDXJ) up 1.96%;
  
  
• Central Gold Trust (AMEX: GTU) up 1.39%;
  
  
• ETFS Gold Trust ETF (NYSE: SGOL) up 1.17%; and
  
  
• iShares COMEX Gold Trust (NYSE: IAU) up 1.30%.