Gold surges to new high as stock markets plunge

GOLD surged to an all-time high yesterday as investors seek a safe haven for their money.

Gold rallied even as the US dollar strengthened, helping the precious metal hit record highs across a number of major currencies such as the euro, sterling, South African rand and the Canadian dollar.

The latest rally, which began three weeks ago on eurozone debt worries, has powered gold into uncharted territory.