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Gold Near Record as Declining Currencies Increase Haven Demand

Gold traded near an all-time high as investors sought a refuge from depreciating currencies amid concern the U.S. Federal Reserve may provide additional stimulus as the economic recovery falters.

Immediate-delivery gold, which jumped to a record $1,672.80 an ounce yesterday, gained as much as 0.5 percent to $1,669.35, before trading at $1,662.05 at 2:36 p.m. in Singapore. Spot gold has rallied 2.4 percent this week as investors sought haven assets on concern that debt problems in the U.S. and Europe will slow growth. Holdings in exchange-traded products rose to 2,178.467 metric tons yesterday, the highest level ever.