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Gold May Climb Toward Record in New York on Greek Default

Gold may climb toward a record in New York on demand for a protection of wealth after European officials signaled Greece may default on government bonds as part of a second bailout.

Luxembourg Prime Minister Jean-Claude Juncker said he couldn’t rule out the “possibility” of a so-called selective default on Greek debt. Germany and France will present an agreement on addressing Greece’s debt crisis at a meeting today. Holdings of the metal in exchange-traded products rose 0.1 percent to a record 2,122.6 metric tons yesterday, data compiled by Bloomberg data show.