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Gold Tops $1,600, Rises to Record in Longest Rally in 31 Years

Gold rose to a record $1,607.90 an ounce, capping the longest rally in 31 years, as debt concerns in Europe and the U.S. boosted demand for the metal as a haven.

President Barack Obama is pressing congressional leaders for a multitrillion-dollar agreement in talks on cutting the deficit. A default would cause more panic than the collapse of Lehman Brothers Holdings Inc. in 2008, Larry Summers, a former Treasury Secretary, told CNN in an interview broadcast yesterday. The euro fell as European leaders plan to meet again on the debt crisis.