Gold Cracks $1,600 for New Record
Stalled debt ceiling negotiations contribute to soaring value
By Tim Karan,  Newser Staff
Posted Jul 18, 2011 12:43 PM CDT
Gold prices have breached $1,600 per ounce as economic worries mount.   (Shutterstock)

(Newser) – The price of gold has topped $1,600 per troy ounce for the first time ever as worry increases about US and European economies. In New York, futures hit $1603.80 per ounce and in Europe, spot gold reached $1603.29 per ounce, reports the Wall Street Journal. The soaring prices sync with sputtering debt limit negotiations and decreased confidence in European banks. Although the price of gold is through the roof, "Investors see enough uncertainty in the world to warrant further gold purchases," says the vice president of RBC Capital Markets Global Futures. "There's more distrust of the political process, and we're on debt-ceiling and euro-zone watch."