Gold prices extend gains to record high above $1,600/oz

(Reuters) - Gold prices extended gains in Europe on Monday to hit a new record high at $1,600.40 an ounce as investors spooked by the euro zone debt crisis and the threat of a U.S. default bought into the metal as a haven from risk.
Spot gold was up 0.45 percent at $1,600.10 an ounce at 0837 GMT. Silver also rose, tracking gold, to its highest since early May at $40.15 an ounce.
(Reporting by Jan Harvey)