Gold prices hit new intraday high as investors seek safety

Gold prices in Japan hit a new high during trading hours on Tuesday, as investors fled to safety following the failures of two US banks.

Benchmark gold futures traded at 8,185 yen a gram, or about 61 dollars, at one point on the Osaka Exchange. That topped the previous high of 8,160 yen set in April last year.

Market analysts say the US bank failures rattled investors, who sold stocks and bought gold instead.