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Gold surpasses £1000 an ounce

The price of gold has risen above $1600/ounce, or £1000 an ounce for the first time, following growing concerns over the eurozone debt situation.

According to reports in the Financial Times, the metal reached a record of $1,607 a troy ounce on the afternoon of 19 July - its 11th consecutive day of price increases.

The sudden appreciation of gold follows concerns that Greece will default on its debt and that other European countries such as Italy and Spain may be drawn in too.

Experts now believe that the metal, which is often considered a “safe haven” for investors, could go “much higher” if European countries or the United Stated defaults on its debt.

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