Gold prices briefly crossed $1,260 an ounce in Friday morning trading on the Comex division of the New York Mercantile Exchange (CME). Gold futures for August delivery, the most heavily traded contract, rose as much as $12.20 to $1,260.90 before paring gains. On Thursday, gold closed at $1,248.70 an ounce -- a new record, not adjusted for inflation.

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