Gold at record, silver surges as other prices fall

Gold and silver prices are surging as industrial metals and crop values fall, reflecting the flight of investment dollars into assets considered safe during times of turmoil.

Gold prices shot past $1,700 an ounce for the first time today, the first day of trading after Standard & Poor's on Friday cut the long-term credit rating of the U.S.

Gold for December delivery gained $61.40 to close at $1,713.20 an ounce. Silver for September delivery rose $1.169 to settle at $39.38 an ounce.

The credit downgrade sparked fears of a weaker U.S. economy. As a result the price of industrial metals like copper fell as investors bet that factory orders will fall. Crop prices also declined on worries about weaker demand.