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From Precy Dumlao, Opalesque Asia:
New York-based asset management firm Factor Advisors, LLC said on Tuesday the price of gold reached an all-time high, closing at $1,624.30 an ounce for the first time on Monday, up from its record of $1,602.40 just one week ago.
Concerns over a U.S. Federal default triggered concerns in the market as the clocks tick toward the August 2 deadline for U.S. President Barack Obama to reach an agreement with the Republican-led Congress to break a partisan impasse and raise the nation’s debt ceiling.
On Monday, spot gold, which has risen nearly 14 percent so far this year, climbed more than 1 percent to a record of $1,622.49 an ounce, before easing to $1,615.66 by 0621 GMT. U.S. gold also hit a record at $1,624.30. It was last quoted at $1,616.50.
Bart Melek, Head of commodity strategy at TD Securities told The Journal: "The surprise is that gold is not higher. A default could derail the recovery we've been having. It could unwind everything," hinting at expectations that gold prices might expand further.
Investors have been seeking gold in the past weeks since the European sovereign debt issue began. Concerns over raising the U.S.’s b...................... To view our full article Click here
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