Gold rose to a record high Monday amidst worries of a debt contagion in Europe and uncertainty over how lawmakers plan to resolve deficit negotiations in the U.S.
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Gold for August delivery settled $12.30 higher at $1,602.40 an ounce at the Comex division of the New York Mercantile Exchange. The yellow bullion reached as high as $1,607.90 an ounce and $1,591.40 on the lower end. Meanwhile, the spot gold price climbed by $9.90, according to Kitco’s gold index. New highs for gold this week follow a record $1594.90 per ounce high from last week’s trading.
Silver was last gaining $1.18 to $40.25 an ounce.