Gold in hong Kong hits $680 aN OUNCE

The price of gold reached a world- record $680 an ounce on the hong Kong bullion market monday in what dealers described as panic buying. The price of the metal opened trading at $660 an ounce, $30 above its level here on Saturday, and quickly soared upward in reaction to President Carter's weekend announcement of a reduction in grain sales to the soviet Union and other measures to retaliate against Soviet intervention in Afghanistan.

Gold closed in Hong Kong at $665 Monday.