Gold hits new high at $1616.89 on debt worries

MELBOURNE | Sun Jul 24, 2011 6:42pm EDT

MELBOURNE (Reuters) - Gold hit a fresh high at $1616.89 an ounce on Monday on growing worries over talks to raise the $14.3 trillion debt ceiling and avert default.

Markets are on edge with politicians nearing an August 2 deadline to raise the debt ceiling.

(Reporting by Sonali Paul; Editing by Balazs Koranyi)
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