Gold Hits $1,500 Price for First Time

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Gold hit another milestone Tuesday as the price for the precious metal crossed the $1,500 per ounce mark.

The gains came just one day after Standard & Poor's Rating Service lowered its long-term outlook on U.S. government debt over concerns about the massive budget deficit, which is projected to run a record $1.5 trillion this year.

Analysts say investors are worried about the growing debt problem in the U.S and worldwide with the potential for higher inflation.

"I think it's going to be more in the forefront.of investors' minds here going forward," LaSalle Futures Group analyst Matt Zeman said.

"The bottom line is the going looks good for precious metals going forwar," he said.

The price of gold has been going up this year as the dollar keeps falling on international markets.

The price of silver has also risen to around $44.50 an ounce.

In other metals trading, May copper rose 3.15 cents to settle at $4.2295 a pound, July platinum fell $11.50 to $1,771.30 an ounce and June palladium dropped $8 to $731.10 an ounce.

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