Gold hits $852 in Europe, $1,000 in futures sales

The price of gold soared to a record $852 an ounce on European bullion markets Monday before slipping to a London afternoon fix of $850. In New York, gold briefly touched $875 in morning trading before retreating to around $830 at midday.

In Chicago, the price reached a magic $1,000 an ounce in trading of contracts calling for delivery of the metal late next year.