Bloomberg – Gold climbed to a record in London and New York as U.S. lawmakers failed to reach an agreement on raising the federal debt limit, boosting demand for the metal as a protection of wealth.
U.S. House Speaker John Boehner plans to press ahead with a two-step debt-limit extension that President Barack Obama has threatened to veto, fueling concern the nation is lurching toward a default as early as Aug. 2 and jeopardizing its AAA credit rating. Greece’s credit rating was cut three notches by Moody’s Investors Service. Europe’s debt woes helped bullion reach all-time highs in euros and pounds last week.
