Gold Gains for Fifth Day as Dollar’s Drop May Spur More Demand
Gold gained for a fifth day, the longest streak in two months, as a drop in the dollar may spur demand for precious metals as an alternative asset.
The dollar fell to a record against the yen and declined against the euro after European leaders agreed to expand a bailout fund by four or five times, to about 1 trillion euros ($1.4 billion). Gold has climbed 23 percent this year as the dollar fell 5.7 percent against the euro.
Gold futures for December delivery rose $21, or 1.2 percent, to $1,744.50 an ounce at 12:33 p.m. on the Comex in New York. The five-day streak is the longest for a most-active contract since a six-day gain to Aug. 22.
Silver futures for December delivery jumped 4.7 percent to $34.89 an ounce on the Comex. Before today, the metal climbed 7.7 percent this year.
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