Gold prices soared to another fresh record yesterday (Wednesday), driven mainly by speculation that central banks would continue to ramp up purchases of the precious metal.
Gold futures jumped as high as $11.30, or 1%, to $1,096.20 an ounce in morning trading on the New York Mercantile Exchange (NYMEX). And most analysts believe gold prices are bound to shoot even higher.
"Everything is pointing to the price of gold going higher," Mike Sander, an investment adviser at Seattle-based Sander Capital Advisors, wrote in an e-mailed report.