Gold News & Info

Source: Marketwatch

San Francisco— Gold futures rallied to a record Monday, settling above $1,600 an ounce and notching a 10th day of gains as concerns about the euro-zone debt crisis and the lack of agreement on raising the U.S. debt ceiling prompted investors to seek a safe haven in the precious metal. Gold for August delivery rose $12.30, or 0.8%, to a record $1,602.40 an ounce on the Comex division of the New York Mercantile Exchange. The contract traded as high as $1,607.90 an ounce, an intraday record for the metal, according to data from FactSet Research.

Gold has hit a string of records in recent sessions and has posted gains for 10 trading days. Investors will remain �quite nervous� until the debt-ceiling situation in the U.S. gets resolved, said James Cordier, a portfolio manager with Optionsellers.com in Florida. �Until there is a (resolution) people are going to like a safe haven,� he said. Another leg of support came from Europe�s sovereign-debt woes, he said. �It just doesn�t go away,� Cordier added. See full story.