Gold Rises to Record for Second Time This Week as Dollar Drops

Gold rose to a record for the second time this week as the dollar’s drop spurred demand for the precious metal as a hedge against turmoil in the global economy and financial markets. Silver extended a rally to a 30-month high.

In New York, gold climbed as high as $1,279.50 an ounce as the dollar fell to a five-week low against the euro. Holdings in exchange-traded funds backed by the metal are up 16 percent this year as U.S. and European central banks keep interest rates at record lows to revive the economy.