Gold rises as debt troubles continue in Europe, US By The Associated Press
Gold is settling higher for the ninth day in a row as government debt troubles continue on both sides of the Atlantic.
Gold for August delivery rose 80 cents to settle at $1,590.10 an ounce Friday. The price was a record in dollar terms but below the peak reached in the early 1980s after accounting for inflation.
Silver also rose as investors looked for alternatives to holding U.S. dollars, euros and other currencies.
In Europe, Italy edged further away from the brink of fiscal crisis as it passed a cost-cutting package to get its budget in order. In Washington, a stalemate continued between Republican lawmakers and President Obama over raising the country's borrowing limit ahead of an Aug. 2 deadline.
ARX Price at posting:
2.3¢ Sentiment: Hold Disclosure: Held
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