Gold Prices Soar to Above $1,700 an Ounce

NEW YORK ( TheStreet) -- Gold prices rose above $1,700 an ounce Monday hitting an all-time record following Standard & Poor's downgrade of U.S. debt.

Gold for December delivery was last trading at $1,705.20 an ounce, up $53.40, as investors moved out of riskier assets and looked to safer investments like gold.

The high for the day was $1,718.20 an ounce.

-- Written by Joseph Woelfel

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