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Gold Tops $1,550 on Concern European Debt Crisis Will Spread

Gold climbed to a two-week high, topping $1,550 an ounce, on demand for a store of value amid escalating concerns that Europe’s sovereign-debt woes will widen.

European equities tumbled the most in seven weeks, led by banks and insurers, as contagion from Greece’s debt crisis threatened to spread to Italy and Spain. Gold priced in euros and the U.K. pound climbed to records. The metal gained 4 percent last week on signs that U.S. interest rates will remain low.