Gold Nears Record in London as Debt Crisis Spurs Investor Demand
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Gold climbed to within 0.2 percent of a record in London as concern about Europe’s debt crisis spurred demand for the metal as a protection of wealth. Bullion rose to an all-time high in British pounds.
Ireland joined Portugal and Greece yesterday as the third euro-area nation to have its credit rating cut to below investment grade, sending the metal in euros to the highest-ever levels. The cost of insuring debt from Italy, Spain and Portugal climbed to records this week.