India gold rate jumps,hits record high

Gold rate () roars to record

Gold priced in sterling (gold rate) roared to a record around 1,033 pounds an ounce on Monday on safe haven buying ignited by the downgrade of U.S. credit ratings by Standard Poor’s and persistent worries over the threat of contagion from the euro debt crisis.

Ratings agency S&P’s cut the U.S. long-term rating by one notch from AAA on Friday,capping a week that saw $2.5 trillion wiped off companies’ market values amid worries the United States is sliding back into recession.