By Marcus Leach

The price of gold reached a record high per ounce as European and US debt worries intensified.

Monday saw the price climb above $1,600 for the first time as it reached an all-time high of $1,610 to end a run of eleven days of increases.

Gold, a safe investment, has traditionally gained in price during times of economic uncertainty and with Thursday's eurozone summit in Brussels the price may go up further yet.

"Gold hit another milestone... at $1,600 as investors lose confidence in the ability of politicians to get a grip with the debt problems weighing down on sentiment," said Michael Hewson from CMC Markets, a trading group.

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