The price of gold struck a record high above $1,700 an ounce on Monday with dealers flocking to the safe haven metal, as Asian stocks tumbled following Standard & Poor\'s downgrade of US debt. The price of gold reached $1,704.30 an ounce in Hong Kong trade. \"People are just taking their money out [of other markets], especially from the dollar and euro and investing in gold and the Japanese yen,\" a Tokyo-based trader told Dow Jones Newswires.