Gold prices touch peak of $1,700 an ounce

Following the downgrading of the US credit by ratings agency Standard & Poor, gold has once again seen high buying as a safe haven in such situations. Prices peaked to a new high of $1,700 an ounce today. The plunge in the stick markets worldwide, worry over the US economy and the EU economic situation has spurred interest in gold buying. Reports state also that gold futures for December delivery rose $54.10, or 3.3 percent today to $1,705.90 an ounce in electronic trading on Globex. Also, gold futures touched $1,718.20 an ounce during the session, reports add.