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Gold Fluctuates Near a Record on Concerns Rally May Be Overdone

Gold fluctuated near a record in London on concern that the metal’s advance as an alternative investment to a weakening dollar may have been overdone.

Gold reached a record $1,387.35 an ounce yesterday as the dollar weakened, boosting bullion holdings in exchange-traded products to an all-time high. Federal Reserve Chairman Ben S. Bernanke will speak on monetary policy objectives and tools in Boston today. Bullion’s rally has driven the relative strength index above 70, a sign to some analysts and traders who study technical charts that prices may be poised to drop.