Gold Tops $1,750, Heads for Biggest Weekly Rally Since 2009
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Gold futures topped $1,750 an ounce, heading for the biggest weekly gain since January 2009, as the dollar’s tumble spurred demand for the precious metal as an alternative asset.
The greenback fell the most since March 2009 against a basket of major currencies after European leaders agreed to expand a bailout fund. Gold has climbed 23 percent this year, while the dollar has dropped 5.1 percent. Industrial metals, energy and grain also climbed today. Silver was poised for the largest weekly gain since September 2008.