Gold burst through $1,600 an ounce for the first time as the eurozone’s escalating debt crisis sent fear through markets.
Markets turned up the pressure on European leaders ahead of a crunch summit on Thursday, with bank shares plummeting and Italian and Spanish borrowing costs hitting euro-era records.
The eurozone crisis, combined with the possibility of a US default, have burnished the appeal of gold and other havens such as the Swiss franc and German Bunds.
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