Gold Rises to Record as Investors Seek Alternative to Currency
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Gold climbed to records in New York and London on demand for an alternative investment to currencies. Silver advanced to a 30-year high.
Gold rallied as the dollar fell to a three-week low against the yen and weakened against most other major counterparts after President Barack Obama said he would agree to sustain tax cuts. Gold traded in Japanese yen rose to the highest price since 1983. Precious metals gained this year as Europe’s debts weakened paper money.