Gold breaks through $1,500 barrier

The price of gold has hit a new high following Standard & Poor's move to downgrade its outlook for the US.

The precious metal, which has broken through numerous highs in the last few months, was trading above $1,500 this morning. In early trading, the commodity was at $1,502, up $7.9 on the day. The commodity has risen 32% in the last year, as investors attempt to protect portfolios from inflation. A weak dollar, fears about the future of the eurozone, and political instability in the Middle East have all added to investors fears about the outlook for growth and contributed to the rise. This week's decision by credit rating agency S&P's to downgrade its outlook for the US from stable to...