Gold Rises for a Ninth Day as Dollar Index Falls; Oil Advances
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Gold climbed for a ninth straight day amid concern the U.S. is getting closer to losing its top credit rating. Oil rallied, extending a third consecutive weekly advance, and the Standard & Poor’s 500 Index rose amid gains in energy and technology shares.
Gold futures added 0.3 percent to $1,593.80 an ounce at 4 p.m. in New York and have risen 7.5 percent since July 1. The Dollar Index slumped 0.2 percent as eight banks failed European Union stress tests. Crude jumped 1.6 percent to $97.24 a barrel. The S&P 500 added 0.6 percent, leaving it with a 2.1 percent drop for the week.