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Gold Futures Reach New Highs

Gold soared Tuesday as investors sought its safe haven qualities amid deepening concern about the global economic outlook

COMEX gold for April delivery rose $25.30 to settle at $967.50 an ounce.

Traders snapped up the yellow metal in large volumes on concern about increasing volatility on equity markets as the financial crisis rolls out.

Wall Street, European and Asian markets ended deep in the red Tuesday, intensifying concern about the impact of recession on oil demand. Some analysts are predicting gold will hit $1,000 an ounce soon.

In other metals March copper fell 12 cents to $1.44 while March silver rose 39 cents to $14.01 an ounce.

Author: Ksenia Kochneva