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Gold Climbs to Record on Demand for Alternative to Currencies

Gold rose to a record in New York on speculation that the sovereign-debt crisis in Europe will worsen, boosting the appeal of the precious metal as an alternative to currencies. Silver touched a 31-year high.

Gold reached an all-time high of $1,489.10 an ounce after Moody’s cut Ireland’s credit rating by two levels to the lowest investment grade, eroding the value of the euro. The dollar, while up today, is headed for a third straight weekly decline against a basket of currencies as the U.S. Congress debates measures to reduce a record government deficit.