Gold futures pushed beyond the $1,700 per troy ounce threshold Monday morning, propelled by economic indicators pointing toward a slowdown in the globe's recovery from the recession, Bloomberg reports.
Also driving gold prices was Friday evening's credit reduction in the U.S. from AAA to AA+. Long-term consequences remain unclear yet the precious metal is driving toward an 11th straight year of annual gains.
Bullion is "not just one of the safe havens, it's the safe haven," Gavin Wendt, director of Sydney-based Mine Life, told Bloomberg. "Typically, in times of stress it would be the U.S. dollar and probably gold but with these circumstances, it's really putting a line through the U.S. dollar."
At 7:02 a.m. on Monday, gold futures pushed up 3.46 percent, a $57.20 gain to $1,709 per troy ounce.
Thus far this year, gold futures have climbed in value about 20 percent, and the figure is rising. The precious metal achieved the values of $1,600 per troy ounce to $1,700 per troy ounce in exactly three weeks.
The increase to gold on Monday marks bullion's second biggest of the year, according to Reuters.
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