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 NEW YORK (AP) - Gold prices surged to a new 26-year high above $725 an ounce Thursday on inflationary worries expressed by the U.S. Federal Reserve.
Persistent concerns about Iran's nuclear ambitions also lifted the metal, which is viewed as a hedge against currency weakness, inflation and geopolitical instability.
The June gold contract rose as high as $728 an ounce Wednesday on the New York Mercantile Exchange, its strongest level since early 1980. It eased back to settle at $721.50, up $15.80 on the day.
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