Gold rose to record highs above $1,620 an ounce yesterday, as a stalemate in budget talks in Washington prompted investors to buy the metal as a safe haven against the looming risks of a US ratings downgrade or default.

Bullion has gained nearly 8 per cent in July, hitting five all-time highs in the past nine sessions, as US law makers were locked in a stand-off over debt plans. – (Reuters)