http://www.rte.ie/news/2011/0718/gold-business.html
Gold soars above $1,600 for first time
Updated: 09:55, Monday, 18 July 2011
The price of gold surged this morning above $1,600 per ounce for the first time in history.
The price of gold surged this morning above $1,600 per ounce for the first time in history, as investors bought the safe-haven metal amid deepening worries over the euro zone debt crisis.
Gold jumped as high as $1,600.10 an ounce in early morning trading on the London Bullion Market, as the precious metal extended its recent record-breaking surge which began on Friday.
This week, euro zone countries will seek to settle their debt crisis at an emergency summit to try and stop Greece toppling into default and dragging bigger euro economies into deeper trouble.
EU president Herman Van Rompuy has said the summit in Brussels on July 21 would focus on both the financial stability of the eurozone and future financing of the Greek programme.
Meanwhile, US politicians are wrangling over a deficit reduction plan which would allow President Barack Obama to avert a potentially catastrophic debt default in return for $1.5 trillion in spending cuts.
Markets has slid last week as the euro zone debt crisis, which has already sunk Greece, Ireland and Portugal, showed signs of spreading to Italy and Spain.
The European Union announced late on Friday that only eight of 91 European banks had failed so-called 'stress tests' which were designed to assess their ability to withstand a worst-case economic scenario.
A ninth bank, Germany's Helaba, said it had failed according to the EBA's standards but passed on its own calculation.
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