Gold Extends Gains to a Record in New York as Dollar Declines
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Gold extended gains to a record in New York as a drop in the dollar buoyed demand for the metal as an alternative investment.
Futures surged yesterday after Standard & Poor’s revised its U.S. credit outlook to negative. Gold has jumped 5.3 percent this year as the dollar dropped 4.8 percent against a basket of six other currencies including the euro and British pound.