The gold price has broken out to yet another new high in June, rising above $1,260 per ounce. The price of gold is now more than $1,000 above the level at which the bull market in gold began in April of 2001, $256 per ounce.

As the euro has rebounded over the past several weeks against the U.S. dollar, the euro-denominated gold price remains marginally below its all-time high of 1,040.13, reached on June 7. While gold had been moving opposite to the euro in recent months amid the European sovereign debt crisis, the euro's advance in June has not deterred the yellow metal from moving higher.

The U.S. dollar has also declined against several of the commodity-related currencies, as the greenback has undergone its first substantial move downward in 2010. As a result, the gold price has not climbed to new all-time highs in terms of the Australian or Canadian dollars this week, but remains within 6% and 2% of its all-time high in these currencies, respectively.

With global risk aversion noticeably subsiding in recent weeks, the gold price has performed particularly well against the Japanese yen, which is the main funding currency for the global carry trade.