Gold prices set a record high

Gold prices set a record high for a second day Friday as investors continued to question the strength of the global economic recovery. Gold for August delivery raised $9.60 to settle at $1,258.30 an ounce after hitting $1,263.70 an ounce earlier on Sunday. The previous settlement record was $1,248.70 an ounce, set a day earlier. Many analysts speculate gold could top $1,300 an ounce in the months ahead. Gold prices have risen about 12% since January as traders and investors seek out clues that the economic recovery is on track, both in the United States, where economic news has been mixed, and in Europe, which is coping with a financial crisis. They are turning to gold as a refuge and avoiding riskier assets amid the bumpy global recovery, MF Global commodities analyst Tom Pawlicki said.