Gold strikes record high above $1,700
Hong Kong - Arabstoday
The price of gold struck a record high above $1,700 an ounce on Monday with dealers flocking to the safe haven metal, as Asian stocks tumbled following Standard & Poor's downgrade of US debt. The price of gold reached $1,704.30 an ounce in Hong Kong trade. "People are just taking their money out [of other markets], especially from the dollar and euro and investing in gold and the Japanese yen," a Tokyo-based trader told Dow Jones Newswires.
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