Gold hits fresh high at $1,600

Gold broke the $1,600 barrier in early trading today as markets awaited further developments in the US and eurozone.

Gold prices reached fresh highs this morning in London, rising to $1,600.4 per troy ounce before falling back to $1,599. Spot silver had earlier risen to $39.95, its highest level since 4 May. A lack of developments over talks to raise the US debt ceiling and the ongoing eurozone sovereign debt crisis has also helped strengthen safe haven assets such as the Swiss franc. The euro hit a record low of 1.136 against the Swiss franc in Asian trading, down from 1.15 in New York on Friday, and dipped 0.7% to $1.406 against the US dollar in early trading in Europe. Eurozone leaders will ho...