Gold Prices Scream to New High Today

Gold prices exploded to new highs today in New York and London as confidence in paper currencies continue to erode and concerns over the sovereign debt crisis in Europe and China demand for raw materials and products surge.

Prices for gold today early in the session reached as high as $1,254.50 an ounce, and was trading at $1,250.80 an ounce as of 10:34 AM EDT, a gain of $10.50 at the time.

These gold prices reflect the August futures delivery.

The past high for gold was $1,249.70, set on May 14, 2010.