Gold Futures Top $1,660 on Demand for Haven Amid Economic Woes
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Gold futures topped $1,660 an ounce, extending a rally to a record, as escalating concern that the global economy is losing momentum spurred demand for the precious metal as an investment haven.
U.S. equities headed for the longest slump since 2008 after a report showed that consumer spending unexpectedly dropped in June for the first time in almost two years. President Barack Obama signed a debt-limit compromise, preventing a default. Gold has gained 39 percent in the past year amid low interest rates and two rounds of “quantitative easing” by the Federal Reserve to revive the economy.