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Five-tael (6.65 ounces or 190 grams) gold bars are seen at a jewellery store in Hong Kong in this April 21, 2011 illustration photo.

Gold Hits Fresh Record; Debt Ceiling Stalemate, EU Crisis to Give Tailwinds

Spot gold prices touched a new record high of $1598.41 on Monday, extending the longest rally in about 40 years. The latest wind in the tail came from worsening worries of a European sovereign crisis and the painful stalemate in the US debt ceiling talks that has raised the specter of an unprecedented Treasury default.