May 13, 2010 /EIN Presswire/ — Diving for financial safety, investors have driven the price of gold to a new record. Wednesday the valuable metal closed at $1,242.70 an ounce, up nearly 6% since Greece’s debt crisis intensified last week.

Many investors fear the European financial bailout will weaken world currencies, and gold is being bought by emerging nations and other investors who have lost faith in the euro.

Gold also is being used as a hedge by those concerned that the world is about to experience a rise in inflation.

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