Gold Futures Soar to $1,881, Then Pare Gains

Gold soared to yet another new record high Friday morning as fears of recessions in the U.S. and Europe continued to weigh on financial markets.

COMEX gold futures, per the December contract, reached a new all-time high of $1,881.40 per ounce at approximately 6:45am ET, but have since pared their gains.  As of 8:30am ET, gold futures were higher by $26.90 at $1,848.90.

Silver futures surged higher alongside gold, by $1.15 to $41.84 per ounce.

While precious metals have detached themselves considerably from their traditional correlations with currencies, this morning gold and silver rallied alongside the euro – which climbed 0.5% to 1.4397 against the dollar.

Equity markets across Asia and Europe suffered steep losses, while U.S. markets were set to open substantially lower once again.  S&P 500 futures dropped 15.00 points to 1,128.50 this morning.