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)