Gold Settles Above $1,500 for the First Time; Silver Tops $46
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Gold rose to a record for the fifth straight session, settling above $1,500 an ounce for the first time, as a weaker dollar and debt concerns boosted demand for an alternative investment. Silver rose above $46 an ounce.
Gold reached an all-time high $1,509.60 in New York as the dollar slid to the lowest since August 2008 against a basket of six major currencies. Greek two- and 10-year government-bond yields reached euro-era records amid speculation the nation won’t be able to avoid restructuring its debts.