July 18, 2011 / 2:23 PM / 7 years ago

Shares of gold miners climb as bullion sets record

TORONTO, July 18 (Reuters) - Shares of Barrick Gold (ABX.TO) (ABX.N) and its rivals rose on Monday after the price of bullion set a record of more than $1,600 an ounce due to the euro zone debt crisis and growing threat of a U.S. default.

Spot gold XAU= rose as high as $1,602.86 an ounce on Monday before falling back to $1,599.49. The price of gold has risen more than 7 percent this month as sovereign default fears are growing in both Europe and the United States.

Shares of Barrick Gold, the world’s top gold miner, rose 1.7 percent to $49.13 in early trading on the New York Stock Exchange, while its Toronto-listed shares rose 2 percent to C$47.10.

Shares of rivals Newmont Mining (NEM.N) rose 2.2 percent on the NYSE, where Goldcorp (G.TO) (GG.N) rose 1.3 percent. (Reporting by Euan Rocha; Editing by Lisa Von Ahn)

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