Gold Tops $1,700 on EU Debt-Crisis Concern, U.S. Inflation Risk
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Gold futures rose to the highest price in more than a month, topping $1,700 an ounce, as delays in resolving Europe’s debt crisis and renewed inflation concern in the U.S. spurred demand for the precious metal.
A meeting of European Union finance ministers was canceled because bank-recapitalization issues cannot be decided before other elements of the rescue package, a person familiar with the matter said on condition of anonymity. Federal Reserve Vice Chairman Janet Yellen said on Oct. 21 that a third round of large-scale securities purchases may become warranted to boost the economy. Gold and silver posted the biggest gains today on the Standard & Poor’s GSCI index of 24 commodities.