Gold price sets new intraday record high in New York

The price of gold was higher Friday, setting a new record for intraday prices and closing just $2.10 below its record high close, set a week ago.

August gold added $10.30 to $1,256.20 per troy ounce in New York trade after setting a new record intraday high at $1,259.50 per troy ounce.

The gains came as investors were nervous ahead of this weekend’s meeting of the Group of 20 nations in Canada, concerned about what the group would have to say about the debt crisis in Europe and the steps it might see as necessary to overcome the issue.

Also, there was more speculation that the US dollar will weaken further, hiking demand for the precious metal as a safer place for investors to put their cash.

In addition to the gains for gold, July silver added 37 cents to $19.11 per troy ounce, while October platinum was up $6.30 to $1,574.50 per troy ounce and September palladium gained $7.90 to trade at $477.90 per troy ounce.

Among base metals, copper was up 9 cents to trade at $3.09 per pound in New York, while three-month contracts for the metal used in manufacturing and construction were up $175 to $6,869 per tonne on the London Metal Exchange.

The price of copper added 6.8 percent during the week.

Aluminium, nickel, zinc, and lead all also saw gains in London trade, but the price of tin declined on the session.