Gold Futures Surge to Record $1,276.50 an Ounce on Haven Demand
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Gold futures rose to a record $1,276.50 an ounce on demand for a haven against turmoil in the global economy and financial markets.
The precious metal, heading for the 10th straight annual gain, has offered a hedge against gyrations in the dollar and the euro amid sovereign-debt woes. Gold has outperformed most stocks and bonds this year. The Federal Reserve and the European Central Bank have kept benchmark lending rates at the lowest level ever to revive the economy.