Gold Rises in New York as European Debt Concerns Boost Demand
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Gold in New York rose the most in a week as Europe’s escalating debt woes boosted demand for the precious metal as a haven asset.
The dollar climbed today to a 10-week high against the euro. Investor concern has shifted to burgeoning debt in Spain and Portugal after European governments bailed out Ireland and Greece. Gold has risen 26 percent this year, touching a record $1,424.30 an ounce on Nov. 9.