Gold Rises to Record on ‘Witch’s Brew’ of Debt, Currency Woes
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Gold futures rose to a record for the second straight day on speculation that debt woes in the U.S. and Europe will escalate, boosting the appeal of the precious metal as a haven. Silver climbed to a nine-week high.
Moody’s Investors Service said the U.S. may lose the Aaa credit rating held since 1917. Fitch Ratings said that a default in Greece is a “real possibility.” The dollar headed for the third consecutive drop against a basket of currencies.