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Gold Advances in New York as Drop to Five-Week Low Spurs Buying

Gold gained for a second day in New York as a drop to a five-week low spurred some investors to buy the metal as an alternative to currencies.

Futures touched $1,490.80 an ounce on June 27, the lowest price since May 20. Greek Prime Minister George Papandreou today clinched enough votes to pass the first part of an austerity plan aimed at meeting European Union aid requirements and staving off a default.