Gold prices surged above $1,400 a troy ounce, setting a fresh nominal all-time high after Robert Zoellick, World Bank president, said leading economies should look at a modified global gold standard to guide currency movements.
Gold traders said Mr Zoellick’s comments were supportive to the metal’s price, but added that heightened worries about Ireland’s debt were also behind the surge. In euros, bullion broke above €1,000 an ounce for the first time since July as European investors piled in.
Mr Zoellick’s call for gold to form part of a new “co-operative monetary system” comes amid growing concerns ahead of the G20 meeting in South Korea that leading governments might pursue competitive devaluations among their currencies.
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