Gold Rises to 17-Week High on Signs U.s. Economy Sputters

Gold futures climbed to the highest in almost 17 weeks on speculation that a sputtering U.S. economy will boost demand for the metal as an alternative investment.

U.S. consumer confidence fell more than forecast in February from January, an index from the New York-based Conference Board showed today. Home prices rose at a slower pace in the 12 months that ended in December, according to a separate report. Russia’s deputy finance minister said Ukraine faces a “high” chance of defaulting on its sovereign debt. Gold has gained 12 percent this year.