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Gold Surges to Record on Hedge Against ‘Chaos;’ Silver Tops $39

Gold futures surged to a record of $1,458.60 an ounce as sovereign-debt concerns boosted demand for the precious metal as an alternative asset. Silver prices topped $39 an ounce.

The cost of insuring Portugal’s debt rose to an all-time high. The conflict in Libya and the nuclear crisis in Japan spurred demand for gold as an investment haven. The metal has jumped 28 percent in the past year, and silver more than doubled.