Gold today rose toward a record set yesterday as concern that the US and Europe will struggle to contain their debt burdens spurs demand for the metal as a protection of wealth. Gold rose by USD 1.30,or 0.1 per cent,to USD 1,618.60 an ounce on the Comex,after reaching a record USD 1,628.05 yesterday. However,silver fell by 0.9 per cent to USD 40.22 an ounce after yesterday climbing to a 12-week high of USD 41.46. US lawmakers remained at odds on how to raise the country's debt limit in time to avoid a default. Standard and Poor's said Greece will partially default once European officials push through a second bailout plan for the nation agreed to last week. Gold is up 14 per cent this year,heading for an eleventh straight annual gain,the longest winning streak since at least 1920 in London. Holdings of the metal in exchange-traded products rose for a third day,climbing 3.1 tonnes to a record 2,131.4 tonnes.
