From The Associated Press, October 6, 2010 - 4:12 PM
Gold continues race to new record highs as investors flee currencies over inflation fears
(AP) - Gold prices hit a new record Wednesday and silver prices surged as investors bought up the precious metal to hedge against inflation.
Gold for December delivery rose $7.40 to settle at $1,347.7 an ounce Wednesday, breaking the record it hit the day before when it settled at $1,340.30. Silver prices also surged, with December silver rising 30.6 cents to settle at $23.043 an ounce.
Inflationary fears are being the rise of both metals. With the U.S. Federal Reserve expected to announce new measures to stimulate a weak economy, most investors expect the value of the dollar and other currencies to fall.
Other metals also rose while grains gave back value from Tuesday's rally.
