Gold Is Little Changed After Reaching Record on Debt, Inflation
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Gold was little changed after reaching a record in London and New York as concern about European debt and faster inflation boosted demand for the metal as an alternative investment. Silver touched a 31-year high.
China increased banks’ reserve requirements to cool inflation that quickened in March to the fastest pace since 2008. The euro weakened against the dollar on speculation Greece will be unable to avoid a default. Unrest in the Middle East and North Africa and concerns about Japan’s nuclear crisis also helped gold’s gain this year.