Monday, July 18, 2011

Gold Tops $1,600 an Ounce as Debt Fears Simmer

Reuters (Monday, July 18) - Gold prices rallied to record highs above $1,600 an ounce in Europe on Monday, as investors spooked by the euro zone debt crisis and the threat of a U.S. default bought into the metal as a haven from risk. Risk aversion swept the markets after euro zone stress test results failed to address the potential for a Greek sovereign debt default before a summit in Brussels on Thursday, and as a deadline to raise the $14.3 trillion U.S. debt ceiling loomed.


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