The precious metal rose $12.30 to settle at $1,602 an ounce in London trading.
Monday capped a record breaking rally - 11 straight days of gain.
Gold is considered a safe investment and usually gains at times of global economic uncertainty.
Silver also rallied more than 3% to a two month high, above $40 an ounce.
"Gold hit another milestone... at $1,600 as investors lose confidence in the ability of politicians to get a grip with the debt problems weighing down on sentiment," said Michael Hewson from CMC Markets, a trading group.
"More advances look likely," he said.
The record breaking price comes ahead of Thursday's summit of eurozone leaders in Brussels where they will once again try to contain the growing debt crisis.
Investors are concerned that Greece may default on its debt, and countries such as Italy and Spain, who are also struggling with high debt levels, will get pulled into the crisis.
Meanwhile in the US politicians are struggling to reach an agreement on a deficit reduction plan in time to avoid a debt default before the deadline of 2 August.
bbc.co.uk
Monday, July 18, 2011
The price of gold jumped above $1,600
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