The price of gold surged more than 1 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 December delivery jumped $23 to go as high as $1,644.70 in New York trading. Gold prices have hit a series of record prices lately and have risen 15 percent so far this year.

Investors often turn to gold in time 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.