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As Debt Deadline Nears, Gold Continues To Set Records

July 28, 2011 by  

Gold continues to climb higher and higher.The debt situation in the United States has allowed gold to stay near record highs.

On Wednesday, the precious metal hit a record high of $1,628 an ounce before dropping back down to around $1,615 an ounce, reports Reuters.

The yellow metal has climbed steadily over the course of the month as the U.S. approaches the Aug. 2 deadline set by Treasury Secretary Timothy Geithner as the day the country would default on its obligations.

Also worrying investors is the potential for America’s sterling AAA rating to be downgraded.

“There remains severe concerns current deficit reductions are not enough to avoid default, with ratings agency Standard & Poor’s requiring a $4 trillion reduction commitment over 10 years,” James Moore, research analyst at FastMarkets, told TheStreet.

In addition, the rise in the price of gold had been aided by the sovereign debt crisis in Europe where a number of countries, including Greece and Ireland, may default on their own debts, according to Bloomberg.

Ole Hansen, senior manager at Saxo Bank, told Reuters that investors have been investing in the Swiss franc and Japanese yen, in addition to gold, for security.

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