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Gold Gains to One-Month High as Europe Debt Woes Spur Demand

Gold futures advanced to a one-month high, extending the longest rally since August, as delays in resolving Europe’s debt crisis spurred demand for the precious metal as a protection of wealth.

French President Nicolas Sarkozy and German Chancellor Angela Merkel want to meet Greek creditors in Brussels tonight to break a deadlock of the terms of a debt writedown, said a person familiar with the matter. Financial markets face “catastrophic risk” without a plan to rein in fiscal turmoil, U.S. Treasury Secretary Timothy F. Geithner has said. Gold has rallied 6.9 percent in the past four sessions.