Price of Gold Hits Record High on Debt Fears

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The price of gold hit another record high Monday, with the yellow metal exceeding $1,600 an ounce.

The price of silver is also heading higher, crossing $40 an ounce.

Investors say the metals' prices are rising because of the failure to reach an agreement on the U.S. debt ceiling and the ongoing debt crisis in Europe.
Analysts say the financial markets are worried that the U.S. could face a downgrade in its credit rating if it can't resolve the stalemate.

Many investors are also worried that the U.S. is spending too much and won't be able to get it under control any time soon.

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