Gold Breaks $1,600

LONDON, Jul 18, 2011 (Dow Jones Commodities News via Comtex) —

Spot gold Monday broke the psychologically important $1,600 a troy ounce level in Europe, hitting a fresh record high of $1,600.64/oz.

The move comes amid heightened concerns over debt contagion in Europe and failing confidence in the U.S. economy, raising gold’s appeal as a hedge against insecurity.

At 0842 GMT, spot gold slipped back to trade at $1,599.69/oz, up 0.4% on the day.

-By Francesca Freeman, Dow Jones Newswires

(END) Dow Jones Newswires

07-18-11 0448ET

Copyright (c) 2011 Dow Jones & Company, Inc.

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