The fear of inflation in the long term, increased by the massive economic stimulus package enacted in the United States this week has led investors to buy gold which is perceived as an attractive haven against economic problems.

“I think there is a bit of panic. The new shares are minimal, and gold is a place to escape. I do not think there’s much more than that, “said Robert MacIntosh, chief economist at Eaton Vance.

Gold on Friday continued to appreciate against other assets and raw materials for fear that the U.S. government is forced to nationalize banks amid a financial crisis worsens.

In the metals division, Comex, the New York Mercantile Exchange, gold for future delivery in April closed with a rise of 25.70 dollars or 2.6%, to 1002.20 dollars.

During the day, futures peaked at 1007.70 dollars, the highest price since March 2008, while spot gold fell more than 1005.40 dollars, its highest level since November 18.

The metal may rise further, analysts said, possibly to the historical record of 1030.80 U.S. dollars from last March.

The U.S. stock markets plunged to 3%, its lowest level since November, before recovering partially. The fall of the titles increased attractiveness of safe haven assets like gold.