For the week, the gold climbed 6.4%

The gold price soared to a new series of record highs on Friday as sovereign debt and recession worries continue to pressure Wall Street. The spot price of gold climbed as much as $54.98 to $1,878.90, a new all-time high, before paring its gains prior to the open of U.S. equity markets. The SPDR Gold Trust (GLD), the most liquid gold price proxy in the equity markets, surged $2.58 to $180.30 per share in pre-market activity. COMEX gold futures, per the December contract, hit a new record of $1,881.40 per ounce earlier this morning.

For the week, the gold climbed 6.4%. In doing so, gold extended its weekly win streak to seven – the longest stretch since April 2007. Year-to-date, the price of gold is now higher by 30.3% and on pace for its 11th consecutive annual advance.

Tom Pawlicki, an analyst with MF Global said in a Bloomberg interview that “Lack of confidence in the global economy is pushing people towards gold. Gold will continue to advance unless leaders are able to resolve the European or U.S. debt crisis.”