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Gold hits an all-time record high

Gold rallied to an all-time record above $1,260 an ounce on Friday, as investors looked to precious metals for an alternative to equity or debt investments given renewed uncertainty about the economic recovery. Surprisingly weak US economic data hiked the tangible asset and spot gold hit an all-time high of $1,261.90 an ounce. US gold futures for August delivery also climbed to a record at $1,263.70, and settled up $9.60 at $1,258.30, its highest ever close.