[miningmx.com] — GOLD hit a new all-time high of $1,597.71 an ounce in Asian trade on Monday on continued concerns over US and European sovereign debt.
Talks between US Republicans and Democrats remain fractured over whether to approve a rise in the US debt ceiling. The US government runs the risk of not being able to meet its bills if an agreement is not met.
Fears of debt default in Europe as well continue to support the price of gold as investors view the precious metal as a safe haven in rocky markets.
