Amid default fears, gold rises to $1600 per ounce

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(Reuters) – Gold prices rallied to record highs above $1,600 an ounce in Europe on Monday as investors spooked by the euro zone debt crisis and the threat of a U.S. default bought into the metal as a haven from risk.

Spot gold rose as high as $1,601.80 an ounce and was up 0.5 percent at $1,601.28 an ounce at 1044 GMT. Gold rose more than 3 percent for a second straight week to Friday, a feat it has not achieved since February 2009.

Data from U.S. futures regulator the Commodity Futures Trading Commission showed on Friday that managed money sharply raised bullish bets in U.S. gold futures and options in the week ended July 12 as bullion prices rallied.

Full Story:  Gold rises above $1,600/oz as debt fears simmer