Record high

Gold has reached a record high of $1,603.40 as investors, anxious in the face of the eurozone crisis prompted by the Greek bailout, opted to stow their money in the precious metal, which is a traditional safe haven in times of risk.

The chief cuprits so far have been Ireland, Portugal and – of course – Greece. But Italian and Spanish ten year bonds are also edging towards the level at which their smaller Euro partners had to ask for bailouts.

'If we reach 7 percent on Spain and Italy, we are probably approaching very quickly the point of no return,' said Nicola Marinelli, a London-based fund manager.

Head of the European Central Bank, Jean-Claude Trichet, called on eurozone leaders to come together and reach multilateral solutions in the debt crisis.

'There is an absolute need to improve 'verbal discipline',' said Jean-Claude Trichet. 'The governments need to speak with one voice on such complex and sensitive issues as the crisis.'

Meanwhile the Greek Prime Minister George Papandreou called for action, saying in an interview: 'It's time for Europe to wake up.'

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