Gold prices soar to highest in 18 years

Gold moved closer to $500 an ounce level on Tuesday, the highest in almost 18 years, as investors shunted more money into the metal.

Spot gold hit $495.35 in Asian trade before slipping to $492.80/493.50 an ounce by 15:26 GMT, still up from $488.50/489.25 an ounce last quoted in New York on Monday.