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Gold Rises to a Record in London, New York on Commodity Demand

Gold rose to a record in London and New York as other commodities gained on speculation demand for raw materials will increase and as investors bought the metal to protect wealth from Europe’s financial turbulence.

China, the world’s third-largest economy, said it may allow the yuan to move higher, making commodities priced in other currencies less expensive for Chinese consumers. Bullion gained in eight of the past nine weeks on speculation debt-cutting measures by European nations will slow expansions. Other precious metals rose to the highest levels in at least a month.