(1888PressRelease)
February 26, 2008 - Spot gold had risen to a record of $948 this morning, having closed on $934 yesterday, the Bloomberg news agency reports.
James Moore, an analyst at TheBullionDesk.com, said: "Anti-inflationary hedging from investors has led most of the precious complex to fresh highs over the past 24 hours.
"Gold has found good support at $940 this morning and looks set to extend higher in the coming sessions as investors seek assets to offset rising inflation."
Other precious metals also spiked in price this morning with both platinum and palladium up.
Platinum climbed to a new high of $2,190 per ounce while palladium peaked at $505.50 per ounce.
Prices for platinum group metals have soared as a result of power shortages in South Africa which have impaired production at a number of mining operations.
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