Gold Surges Past $900

Gold prices hit yet another record high Monday as rising concern over the increasingly wobbly financial system led investors to seek safe-haven assets.

Benchmark bullion contracts were rallying $12.30 at $910 an ounce in recent action on the Comex division of the New York Mercantile Exchange. Spot prices for the metal started the year at around $840 before roaring past the prior all-time high of $875 reached in 1980 amid the Iran-hostage crisis. The $900 mark was breached on Friday for the first time but only for a moment.

The bullion exchange-traded funds, which hold inventories of gold bars, were racing ahead also, with streetTracks Gold Shares(GLD Quote) and iShares Comex Gold Trust(IAU Quote) both up about 1.3%. ...