Gold Soars Over $1,600

The spot price of gold set a new record on July 18 by
crashing through the $1,600-an-ounce barrier.

At press time it was trading at $1,606 an ounce.

Analysts attributed the metal’s rise to uncertainty over
Europe’s debt crisis, as well as nervousness over the debt limit negotiations
in the United States.

Gold first crossed the $1,500
barrier on April 19
, and the $1,400
an ounce benchmark last Nov. 9.

Overall, the price of
gold rose 29 percent in 2010.

Standard Chartered Bank has predicted the
gold price may hit $5,000 by the end of the decade.