Stock prices in the United States, Asia, and Europe declined in Monday’s trading, as investors waited to find out whether President Barack Obama and U.S. congressional leaders would reach agreement on raising the federal debt limit.

The benchmark U.S. index was down half a percent, London’s FTSE fell three-tenths of a percent, while Japan’s NIKKEI fell eight-tenths of a percent. The stock market losses were generally lower than many economic analysts had predicted.

Worries about Washington’s political bickering also pushed the price of gold to a new record high above $1,624 an ounce. The precious metal generally rises in value in times of economic stress.