Gold hits record $1,600 on EU fears

Gold rose to a record above $1,600 an ounce as debt concerns in Europe and the US boosted demand for the metal as a protection of wealth. Bullion climbed to all-time highs in euros and pounds and silver topped $40 an ounce. 
    President Barack Obama is pressing congressional leaders for a multitrillion-dollar agreement in deficit-cutting talks as negotiators near an August 2 deadline for raising the debt limit. Euro-area leaders will meet in Brussels on July 21 to discuss the "financial stability" of the region. 
    Immediate-delivery gold gained as much as $8, or 0.5%, to $1,601 an ounce and traded at $1,601 by 11.40 am in London. Prices are up for an 11th day, the longest streak of gains since July 1980. Gold for August delivery was 0.7% higher at $1,602 an ounce on the Comex in New York after reaching a record $1,602. BLOOMBERG