Gold Climbs to Record as Dollar’s Decline Spurs Investor Demand
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Gold rose to a record in New York as a weakening dollar and inflation prompted investors to buy precious metals.
The dollar fell to the lowest since December 2009 against the euro yesterday after the Federal Reserve kept borrowing costs at a record low. Assets in the SPDR Gold Trust, the biggest exchange-traded fund backed by gold, have expanded 1.5 percent this month, heading for the biggest gain since August.