Gold price reaches new high

18 July 2011 Last updated at 21:01 ET Help

The price of gold has broken through the $1,600 (£1,000) per ounce mark.

Investors have been flocking to the traditional safe haven in the wake of the ongoing debt issues in the US and Europe.

Colin Whitehead, of Fat prophets in Sydney, told the BBC's Sharanjit Leyl what lies behind the price rises.

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