Source: http://www.miningweekly.com      June 10, 2010

Gold hit a record dollar high above USD1,250/oz and new peaks in other currencies on Tuesday as concern over Europe's economic outlook lifted risk aversion. Spot gold rose as high as USD1,251.50/oz as  against USD1,238.05 late on Monday. US gold futures for August delivery hit a record USD1,254.50.

The precious metal is benefiting from fears the Eurozone's sovereign debt crisis may spread, weighing on global economic recovery, analysts said. From a technical perspective, gold's break higher on Monday has left it well positioned to make new highs, according to analysts who study charts of past price movements to determine the future direction of trade.