Speculating a further deterioration of the economy worldwide, investors looked for refuge in precious metals, resulting in a six-month high with regard to gold trading in London on Thursday.

With the global downturn showing no visible signs of let up in near future, exchange-traded funds - ETFs - and material gold products, like coins and bars, are "on a roll," having gained increasing popularity with investors.

In the world's largest gold-backed ETF, New York's SPDR Gold Trust, a near 5 percent increase in holdings marked a record fourteen times in a month. The metal, thumping a peak of $953.30 on Wednesday, was at its highest since July 2008.

According to ETF Securities' data disclosed on the company's web site, gold holdings in ETF funds managed by the company reached a record high of 2.29 million ounces.

Hitting an unprecedented soar, gold priced in sterling and gold futures in India, further added to record peaks for gold ingots in terms of euro, Canadian dollar and Swiss francs. The gold ingots for instantaneous deliverance increased $7.39 to $946.38 per ounce, and traded at $941.51. The 0.8 percent increase marked a weekly rise of 3.6 percent.

According to Heraeus', precious metals trader Alexander Zumpfe, "Gold is still in a very bullish trend. There is very strong investor demand, which you see when you look at the data coming from the ETFs, which are at record levels."