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NEW YORK (

TheStreet

) --

Gold prices

catapulted to a new record Friday as fears of a global double-dip recession sent investors piling into the safe-haven metal.

Despite the flight to safety, experts warn that time may be up for this current rally.

Gold for December delivery skyrocketed $30.20 to close at $1,852.20 an ounce at the Comex division of the New York Mercantile Exchange, although settled well off session highs. The

gold price

has traded as high as $1,881.40 and as low as $1,824.50 while the spot gold price was adding $25, according to Kitco's gold index.

Silver prices

closed up $1.74 at $42.43 an ounce. The

U.S. dollar index

was down 0.42% at $73.94 while the euro was up 0.44% vs. the dollar.

Gold prices have risen more than 6% in just a week as investors gobbled up the metal as protection against slowing global growth from China to Germany to the U.S. A day after

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Morgan Stanley

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lowered U.S. growth prospects for 2011 and 2012, gold prices showed no signs of slowing down.

Citigroup

(C) - Get Citigroup Inc. Report

also joined the fray, lowering its 2011 U.S. growth forecast from 1.7% to 1.6% and for 2012 to 2.1% from 2.7%.

JPMorgan

(JPM) - Get JPMorgan Chase & Co. (JPM) Report

went event further, warning that the U.S. will grow just 1% in the fourth quarter from the previously expected 2.5% and just 0.5% in the first quarter of 2012. While growth signs point to the possibility of a double-dip recession,

Bank of America

(BAC) - Get Bank of America Corp Report

may slash 10,000 jobs, according to a report by

The Wall Street Journal

, which is ominous for any attempt at a recovery in employment.

Investors don't really have a lot of options for "safe" places to stash cash as

Hewlett-Packard's

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dismal 2011 outlook kept stocks volatile giving limited respite from Thursday's carnage. The popular gold ETF,

SPDR Gold Shares

(GLD) - Get SPDR Gold Trust Report

, added 15 tons Thursday to 1,286, but many experts are now bracing for a pullback after gold's explosive run.

David Banister, chief investment strategist at ActiveTradingPartners.com, said that gold will peak at either $1,862, $1,880 or $1,907 an ounce.

"One of those three is going to peak out this parabolic blow off top rally and be followed by a great opportunity to profit by shorting," he said.

Banister, who thinks that gold's long-term bull run is not yet over, said that peaks are typically followed by 15%-20% corrections, which would take gold to the $1,500 an ounce level.

Bob Haber, CEO of Haber Trilix, doesn't think that gold has seen its final highs but that there are technical signals that are screaming overbought conditions.

"There has developed short-term bullishness which probably needs to be unrewarded, meaning a short sharp correction," he said.

Of course, experts can't predict when that correction will come, but gold's status as a safe-haven looks safe for Friday. A perfect storm of high inflation in emerging markets, negative real interest rates worldwide and possibly more currency debasement from central banks are all supporting gold prices.

Barclays Capital

wrote in a recent note that "every outbreak of financial fears has coincided with a rally in investment demand for gold ... This has also been the case in the past few months: July data shows that gold ETPs saw the largest net inflows since May 2010."

The research firm remains bullish on gold saying persistent economic uncertainty "bodes well for history's oldest form of wealth."

Gold mining stocks

were rising Friday along with the gold price.

Kinross Gold

(KGC) - Get Kinross Gold Corporation Report

was up 1.89% to $16.75 while

Yamana Gold

(AUY) - Get Yamana Gold Inc. Report

was popping 2.55% at $15.68. Other gold stocks,

Agnico-Eagle

(AEM) - Get Agnico Eagle Mines Limited Report

and

Eldorado Gold

(EGO) - Get Eldorado Gold Corporation Report

were trading higher at $65.88 and $19.44, respectively.

Related Articles:

How to Invest in Gold

Do Gold Prices Have Room to Rise?

--

Written by Alix Steel in

New York.

>To contact the writer of this article, click here:

Alix Steel

.

Disclosure: TheStreet's editorial policy prohibits staff editors and reporters from holding positions in any individual stocks.