Gold Price Rises Above $1,700

Posted August 8th, 2011 at 12:00 pm (UTC-5)
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The price of gold soared to a record high above $1,700 Monday, as investors worried about the recent rating downgrade for U.S. debt, Europe's debt crisis, and slowing global growth.

The precious metal is a traditional investment in times of economic trouble.

Concerned investors bid up the price as high as $1,718.20 at one point.

The price of gold has risen 20 percent so far this year.