Gold Futures Surge to Record $1,697.70 on Haven Demand
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Gold futures surged to a record $1,697.70 an ounce on demand for an investment haven as the dollar slumped following Standard & Poor’s downgrade of the U.S. long-term credit rating from AAA.
Gold futures for December delivery rose $36, or 2.2 percent, to $1,687.80 an ounce at 7:40 a.m. Tokyo time in electronic trading on the Comex in New York after reaching the all-time high.