Gold breaks $1,500 to hit new high

Investors are flocking to the safe havens amid fears of the impact of rising inflation from China on Europe and a warning by Standard & Poor's that the US could lose its triple A credit rating will devalue paper currencies. On the spot market, bullion rose 0.9% on Wednesday to hit a fresh nominal high of $1,505.70 a troy ounce. Adjusted for inflation, however, it remains below the peak hit in 1980. Silver was 3.4% higher to $45.37 a troy ounce - the highest since 1980. As gold and silver soared, the dollar on Wednesday tumbled to its lowest level in 16 months against an internation...