The largest exchange traded fund following gold prices was up more than 2% in preopen trading Friday as futures rose above $1,870 an ounce, a new record high.
SPDR Gold Shares (NYSEArca: GLD) added 2.3% before the bell.
The precious metal was on track for the longest streak of weekly gains since April 2007 on worries the global economy is in a slowdown, Bloomberg reported.
“The drivers of the gold price at this point in time are all future expectations, such as more global liquidity and worsening of the status quo in global GDP,” said Bayram Dincer, an analyst at LGT Capital Management, in the report.
Gold prices are also rising on concern over Europe’s banks in the debt crisis, while Venezuela said it plans to nationalize its gold mining industry. [Gold ETFs Rally]