Gold Declines From Record in London as SNB Imposes Franc Ceiling
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Gold fell from a record as some investors sold metal to cover losses in the Swiss franc after the country’s central bank imposed a ceiling to the exchange rate.
The franc tumbled after the bank set a minimum exchange rate of 1.20 per euro and said it will defend the target with the “utmost determination” if needed. Ministers from Germany, Finland and the Netherlands meet today to discuss a Finnish demand for collateral in a bailout for Greece, while the Italian Senate will debate an austerity plan amid a strike.