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Gold Jumps as Dollar Drops; Palladium Climbs to Nine-Year High

Gold futures rose the most in more than a week as the dollar fell, boosting demand for the precious metal as an alternative investment. Palladium advanced to a nine-year high.

The greenback dropped as much as 1 percent against a basket of major currencies. A Group of 20 pledge to avoid “competitive devaluation” failed to ease speculation that the Federal Reserve will make more bond purchases, eroding the value of the dollar. Gold has gained 22 percent this year, reaching a record $1,388.10 an ounce on Oct. 14.