Gold Hits New High amid Sea of Red in Europe

Gold futures hit a new all-time high Thursday morning amid escalating fears over the European sovereign debt crisis.

COMEX gold futures, per the December contract, climbed to $1,1818.90 per ounce as of 8:15am ET, surpassing last week’s all-time high of $1,817.60 per ounce.

Silver moved higher as well, by $0.06 to $40.41 per ounce.

In contrast to precious metals, cyclical commodities posted losses, with oil sliding 2.4% to $85.60 per barrel and copper down 1.0% to $3.99 per pound.

Equity markets across Europe tumbled over concerns that policymakers are not doing enough to stem the tide of sovereign debt fears, as well as worries that the euro zone is facing a double-dip recession.

The euro currency came under modest pressure this morning, falling 0.3% to 1.4377 against the U.S. dollar.

U.S. markets were set to open significantly lower as well, with S&P 500 futures down by 22.50 points, or 1.9%, at 1,167.50.