Gold hits record as investors shelter from eurozone crisis

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Gold prices raced to another record high level on Tuesday as investors sought shelter from the eurozone debt storm.

The precious metal soared to $1,610.10 per ounce at 0720 GMT on the London Bullion Market, continuing its recent record-breaking surge.

Gold is seen by investors as a safe-haven in times of global economic turmoil, with financial markets anxiously awaiting Thursday's Brussels summit of eurozone leaders to address Europe's burgeoning debt crisis.

Global markets are also on alert as lawmakers in Washington remain deadlocked over an agreement to raise the official US debt ceiling and avoid a potentially catastrophic default.

© 2011 AFP

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