Gold Tops $1,880, Has Longest Weekly Rally Since April 2007
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Gold rose to a record above $1,880 an ounce in New York, rallying for the seventh straight week, as concern that the global economy is slowing drove equities lower.
The metal had its longest run of weekly gains since April 2007 as worse-than-expected U.S. economic data and Europe’s debt crisis boost speculation that growth will falter. The MSCI All-Country World Index of equities fell as much as 1.7 percent, heading for the fourth straight weekly drop, after Morgan Stanley cut forecasts for global growth.