By Marcus Leach

The price of gold has reached an all-time high amidst growing concerns that the US may default on its debt obligations.

The dollar has also hit a four-month low against the yen, as Moody's rating agency claims there is a rising possibility that the US will default.

There is only one way for the US to avoid defaulting, and that is for politicians to agree to raise the country's debt limit. However, Democrats and Republicans are at loggerheads as how best to do this.

An ounce of gold shot up to a record high of $1,589.56 before dropping back to $1,584.51.

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