Gold hit another all-time high as investors sought a safe haven after anemic US growth data raised the spectre of a potential recession.

Moody's says the US should be able to keep its triple-A credit rating as long as Washington works out a deal that lets it continue to pay bondholders.

The Australian share market rose two per cent after United States congressional leaders reached agreement on raising the US debt limit.

Stocks of interest on the Australian Securities Exchange on Monday

Australian stocks look set for a jittery start on Monday, with all eyes on Washington and whether the US can avoid a potential debt default.

Australian shares gained one and a half per cent in a "relief rally" after the United States avoided an eleventh-hour debt default.