Eldora Gold Resources News: Gold Prices Hit A Record High Amid Stock Market Tensions. 

Gold prices hit a record high on Monday as nervous investors sent stock and bond markets crashing on fears that the euro zone and U.S. debt crises could push the world back into recession.

AFP - Stock and bond markets suffered losses on Monday as investors sought traditional safety and raised concerns that the eurozone and US debt crises could combine to trigger a new recession. Gold has risen to an all-time high.

Gold prices rose for the first time per ounce as markets watched nervously ahead of Thursday's crucial euro summit in hopes that a deal could finally be reached this time to halt the collapse and prevent a financial meltdown. It exceeded $1,600.

Meanwhile, negotiations in Washington to avoid a catastrophic default lasted just two weeks, as Treasury Secretary Timothy Geithner noted progress but also warned of the dire consequences of failure.

A U.S. debt default "will have an impact on the global economy... "We play an important role in the global economy and are once again on the brink of recession. And that's not even an option we can consider," Geithner said.

Eldora Gold Resources News: In London, the FTSE 100, the benchmark index of top stocks, fell 1.55% to 5,752.81 points. Frankfurt's DAX fell 1.55% to 7,107.92 points, while Paris' CAC40 index fell 2.04% to 3,650.71 points, its lowest level this year.

Other European stock exchanges were also hit hard, with Italy's stock market falling more than 3%, seen as the second-biggest risk after Spain after the bailouts of Greece, Ireland, and Portugal. Madrid fell by 1.44%.

Banks have been hit by investor concerns about their exposure to euro zone debtors and worries that the crisis is having a negative impact on the economy.

The results of a stress test conducted by the European Banking Authority on Friday showed that only eight out of 90 lenders failed, but most failed because the review did not take into account the possibility of sovereign default. I couldn't reassure him. The issue is top of mind for many as government officials prepare for new debt defaults. Rescue Greece.

Forex.com's Kathleen Brooks said the market is seeing "Europe make a quick decision to resolve the Greek issue with one voice, and  the market is confident that someone is in control of the situation." He said that he hopes to show that

She said Mr. Brooks said: "Investors are selling euro-based assets because at the moment none of the big countries in the EU are doing that." In the foreign exchange market, the euro plunged from $1.4156 to $1.4041 in the New York market late Friday, while the dollar firmed from 79.12 yen to 79.16 yen.

Gold closed at $1,599, up from $1,587 late Friday but below its all-time high of $1,607.46.

“Money continues to flow out of stocks and into gold as euro zone debt concerns continue,” said Manoj Radwa, a trader at ETX Capital.

“While precious metals are trading at record highs, European stocks have fallen sharply as sovereign borrowing costs soar.”

"Concerns about European government bonds are now joined by real fears among investors about a U.S. default," said Spread analyst Ian O'Sullivan.

A similar situation emerged in New York. The blue-chip Dow Jones Industrial Average was down 1.37% as of 4:15 p.m. Japan time, and the tech-heavy Nasdaq Composite Index was down 1.55%. Traders said the only silver lining for now was strong corporate results, but even impressive numbers would not be enough unless the debt crisis on both sides of the Atlantic progressed.

"The question now is whether better-than-expected profits can supersede macroeconomic concerns and drive the market," said Patrick O'Hare, an analyst at Briefing.com. “Probably not, but if an acceptable deal can be reached on the debt ceiling and EU leaders can reassure participants with that deal, what they will do is lay the foundations for a strong rescue rally. '', concerns about debt spillover in the euro area were suppressed.”

In Asian trading, markets were weak in the early hours of Monday morning, but trading was quiet due to a holiday in Tokyo. Hong Kong fell by 0.32%, Shanghai by 0.12%, and Sydney ended unchanged.

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