A salesgirl shows a gold necklace at a shop in Qionghai, Hainan province, on July 13, 2011. The price of gold jumped above $1,600 an ounce for the first time Monday night. [Photo: CFP]
Gold prices have now dipped back below 16-hundred US dollar an ounce on investor sales, retreating from its record highs earlier this week.
Spot gold has dipped as low as 15-hundred-82-dollars-70-cents an ounce, following the metal's longest rally in 31 years.
However, gold prices remain elevated, as investors continued to favor the precious metal amid concerns about the euro zone debt crisis and the approaching deadline to raise the U.S. debt ceiling.
