* Gold hits 9th record high this year
* Bonds rise as Obama ready to sign debt ceiling hike
* Spanish, Italian bond yields hit multiyear highs
* MSCI global stocks turn negative for the year (Updates prices, adds details on debt ceiling vote)
By Rodrigo Campos
NEW YORK, Aug 2 (Reuters) - U.S. Treasuries jumped and gold prices hit a record high, while global stocks turned negative for the year on Tuesday as investors focused on slowing global economic growth and the euro zone's spreading credit problems.
Markets moved on as U.S. President Barack Obama prepared to sign into law a measure approving a rise in the U.S. statutory borrowing limit. Despite soothing comments from rating agency Fitch, fears that the United States could still lose its triple-A credit rating persisted. For details see [ID:nUSBUDGET] and [ID:nWNA5563].
"Today's passing of the bill has already been priced into the market as investors now look ahead to a possible downgrade for the U.S. debt rating following the vote," said Chris Jarvis, senior analyst at Caprock Risk Management in Hampton Falls, New Hampshire.
U.S. consumer spending dropped in June for the first time in nearly two years, adding to worries the world's largest economy would remain stagnant in the third quarter. [ID:nN1E7710A7]
The preference for safe-haven assets helped lift gold to its ninth record high this year. Spot gold
U.S. Treasuries rallied after rating agency Fitch said the agreement in Congress was "commensurate with 'AAA' rating." Treasuries were up for a fourth straight day, with the benchmark 10-year note
On Wall Street, the broad S&P 500 index <.SPX> fell more than 1 percent and was down for a seventh straight day on economic fears and worry that the debt ceiling agreement does not do enough to satisfy the top credit rating agencies. A credit downgrade could increase Treasury yields and raise borrowing costs.
"I think people are worried about a double-dip recession and the softening economic statistics," said Jeffrey Saut, Raymond James Financial chief investment strategist, in St. Petersburg, Florida.
The Dow Jones industrial average <.DJI> was down 120.79 points, or 1.00 percent, at 12,011.70. The Standard & Poor's 500 Index <.SPX> fell 16.33 points, or 1.27 percent, at 1,270.61. The Nasdaq Composite Index <.IXIC> was down 32.89 points, or 1.20 percent, at 2,711.72.
MSCI's world equity index <.MIWD00000PUS> fell 1.5 percent on the day to its weakest since late June and edged 0.3 percent lower for the year.
European stocks <.FTEU3> closed 1.8 percent lower with Italian shares <.FTMIB> down 2.5 percent.
Italian bond yields hit their highest level in the euro's 11-year lifetime, a sign that Rome is overtaking Madrid as the main focus of investors' concern about debt sustainability. For details see [ID:nL6E7J21QN].
The Italian 10-year BTP yield was up 6.159 percent
The two countries have been under increased pressure in recent weeks as markets feel the size of the euro zone's bailout fund is too small to protect larger fringe economies if contagion from the Greek crisis cannot be stopped.
The Swiss franc rose to a record high against the euro and the U.S. dollar on concerns about euro zone sovereign debt problems and the chance of a U.S. credit downgrade. (Additional reporting by Caroline Valetkevitch; Editing by Dan Grebler)