Gold soars over $1,700 on debt fears, equities tumble | Reuters: "Gold surged more than 3 percent on Monday, surpassing $1,700 an ounce for the first time after Standard & Poor's cut the top-notch AAA credit rating of the United States, setting off an investor stampede for safety.
In a rout reminiscent of the 2008 financial crisis, Wall Street plunged nearly 7 percent and other commodities collapsed as panicky investors sought refuge in bullion and U.S. Treasuries.
Analysts scrambled to revise up gold forecasts and gold volatility spiked as options traders put on bullish bets."
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