Gold May Gain in New York as U.S., Europe Debt Woes Spur Demand
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Gold may gain toward a record in New York as debt concerns in the U.S. and Europe spur demand for the metal as a protection of wealth.
Gold futures climbed to a record $1,631.20 an ounce on July 27 and are up for the first month in three amid deadlock between U.S. President Barack Obama and House Republicans over lifting the debt ceiling. Moody’s Investors Service said it may cut Spain’s credit rating. Gold held in exchange-traded products rose to an all-time high yesterday.