Posted by swati jadhav on Tuesday, July 19, 2011

Gold marched to a record above $1,600 on Monday, stretching its rally to an unprecedented eleventh day on fears that U.S. lawmakers could fail to raise the debt ceiling to avert a default.   Gold rallied even as the U.S. dollar strengthened, helping the precious metal hit record highs versus the euro and sterling. The precious metal has been on a solid footing since Europe started struggling to put together a second bailout for Greece and contain the euro zone debt crisis. Bullion has gained 8 percent in 11 days as President Barack Obama and Congress have failed to rea an agreement to raise the $14.3 trillion U.S. borrowing limit with less than three weeks before the August 2 deadline. Technical charts indicate gold should rise above $1,700 an ounce in the next few months. Source :- Reuters 


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