The spot price of gold rallied as much as $31.55 to $1,822.60 per ounce!

The gold price surged to fresh all-time highs Friday morning as risk aversion gripped financial markets across the globe. The spot price of gold rallied as much as $31.55 to $1,822.60 per ounce, eclipsing last week’s record high of $1,815.00. COMEX gold futures, per the December contract, reached a new high of $1,824.20 per ounce as of 9:15am ET.

Strength in the gold price was fueled by rising worries over the state of the euro zone and U.S. economies. Equity markets in Europe tumbled, with financial shares posting significant losses. U.S. markets looked to open considerably lower, with futures on the Dow Jones Industrial Average plunging 223.00 points, or 2.0%, to 11,158.00.

The gold price added to its gains this morning after weekly U.S. jobless claims came in at 408,000, above the consensus estimate among economists of 400,000. The prior week was revised from 395,000 to 399,000, while continuing claims rose to 3.702 million from 3.695 million. The disappointing employment data, coupled with a wave of worrisome reports in recent weeks, reinforced the view that the U.S. economy may be nearing a new recession.

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