Gold soars above $1,600 for first time
The price of gold soared above $1,600 for the first time on Monday as investors bought the safe-haven metal amid deepening debt worries in the eurozone and the United States.
Gold jumped as high as $1,603.40 an ounce at 1150 GMT on the London Bullion Market, as the precious metal extended its recent record-breaking surge.
In later slipped back to $1,599.45, compared with $1,587 late Friday.
"Gold hit another milestone ... at $1,600 as investors lose confidence in the ability of politicians to get to grip with the debt problems weighing down on sentiment," said analyst Michael Hewson at trading group CMC Markets.
"More advances look likely while this lack of confidence prevails as investors plough capital into the asset."
The precious metal is widely regarded by investors as a safe-haven in times of global economic turmoil, with investors looking ahead anxiously to Thursday's Brussels summit of eurozone leaders trying to tame a growing debt crisis.
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