The price of gold surged 2.2 percent to an all-time high Tuesday, following some disappointing reports on the U.S. economy and continuing concerns about the European debt crisis.

The price of gold for immediate delivery soared $35 in New York trading to end the day at $1,654.80 an ounce. Gold prices have hit record highs nine times this year and have risen 15 percent so far in 2011.

Investors often turn to gold in times of economic crisis as a safe place to keep their money.

The Bloomberg financial news service reports that Thailand, South Korea and Kazakhstan have each added gold to their reserves over the last month.