The Azerbaijan State News Agency

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Gold prices hit record high above $ US1,620 an ounce

25.07.2011 [15:41]
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Baku, July 25 (AZERTAC). Gold hit a record high above $US1,620 an ounce today, while the dollar steadied and stock futures fell as investors piled into bullion over fears of a possible US debt default as the debt ceiling talks in Washington stalled.

Spot gold, which has risen nearly 14 per cent so far this year, climbed more than one per cent to a record of $US1,622.49 an ounce, before easing to $US1,614.06 by 1054 AEST. US gold also hit a record at $US1,624.30. It was last quoted at $US1,614.80.

Clocks are ticking towards the August 2 deadline for US deficit talks, while President Barack Obama and congressional leaders struggled late on Sunday to break a partisan impasse.

"Markets are focusing on whether the negotiations will be resolved," ANZ commodities analyst Natalie Robertson said. "At this time, we`ll see continued volatility and increased safe-haven buying in gold."