Gold Rises to Record on Demand for Haven Amid Europe Debt Woes
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Gold advanced to another record on speculation that European governments may struggle to pay debt, boosting demand for the precious metal as an alternative to currencies. Silver extended a rally to a 30-year high.
In New York, gold futures rose to an all-time high of $1,424.30 an ounce on concern that Ireland and Greece will struggle to repay bondholders, and spending cuts may stifle growth in the region. The metal has gained 29 percent this year, heading for the 10th straight annual gain.