Gold Rises to Close at Record as Stocks Fall Amid Debt Concerns
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Gold futures rose, closing at a record $1,259.30 an ounce, as a slump in equities spurred demand for the precious metal as an alternative investment.
The price reached an intraday high of $1,261.60 as stocks in Asia, Europe and the U.S. fell on heightened concern that the global economy will struggle. The record was $1,266.50 on June 21. The euro dropped as much as 1.4 percent against the dollar as an industry group said Germany’s 10 largest banks may need fresh capital to meet new regulations.