The price of gold surged to new record level of $1,920 an ounce on Tuesday over concerns that Europe’s debt crisis will worsen, driving investors to safe-haven assets such as bullion. Gold increased as much as 1.1 percent to $1,921.15 an ounce, surpassing a previous peak of $1,913.50 reached on August 23 as investors looked to diversify their assets away from equities and some currencies. “People are losing trust in US dollars, they are trying to avoid cash dollars and that’s why everybody is looking for a safe haven replacement. People want something more secure, which is why we are seeing new records every week for gold and silver,” Mohammed Younis, business development executive at Gold AE DMCC, told Arabian Business. “It will easily hit above $2,000 an ounce. The currencies, governments and the central banks are no longer controlling it; the high demand is coming from individuals…they are looking for secure [assets]. This year, before December, I see it hitting around $2,200,” he added.

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