8/8/2011 7:07 AM ET
Gold for December delivery, the most actively traded contract, gained $58 to $1,709.80 an ounce. Last week, gold advanced to a fresh record intraday peak of $1,685 amid safe haven appeal.
Earlier today, Goldman Sachs raised its gold price forecasts, citing the fall in U.S. real rates and intensifying sovereign debt issues in both sides of the Atlantic. The investment bank raised its three-month gold price forecast to $1,645 per ounce from $1,565 per ounce. It also upped its six-month and 12-month forecasts to $1,730 per ounce and $1,860 per ounce, respectively.
by RTT Staff Writer
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