ISLAMABAD (APP) - Gold price on Monday reached an all time high of Rs54,850 per tola or Rs47,14 per 10 grams. According to All Pakistan Jewellers Association, the price of 10g gold bar recorded an increase of Rs1,029 while rate of one tola went up by Rs1,200, a private TV channel reported. AFP adds from Hong Kong: 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], nd euro and investing in gold and the Japanese yen," a Tokyo-based trader told Dow Jones Newswires. Asian markets were sent spinning on Monday after S&P late Friday cut the United States' AAA rating by one notch, citing deep divisions in Washington over its long-term fiscal standing. The turmoil has led investors to seek out less-risky gold at a time of economic uncertainty. S&P's downgrade compounded already weak sentiment amid fears that the eurozone debt crisis will spread to other nations, while the United States has posted a series of poor data indicating an economic slowdown. It has led some analysts to warn of another global financial crisis that could even be worse than that of 2008-09.