Gold reaches record price as investors remain cautious about long-term value of euro

Gold hits new high as investors seek safety

NEW YORK — Gold is surging to a record high as investors remain skeptical of the long-term value of the euro.

Silver also touched record levels Wednesday as the jump in gold lifted other precious metals.

Gold rose as high as $1,245.40 an ounce early in the day. It is now up $18.80 at $1,239.10 an ounce.

Investors are still skittish about whether debt-burdened countries like Greece will be able to cut enough costs to managed their debt burdens, even after European leaders agreed earlier this week to a nearly $1 trillion bailout package. That uncertainty has driven investors away from currencies and into gold.

Silver is up 30.6 cents at $19.60 an ounce. It was as high as $19.735 an ounce.