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Gold Gains as Euro Advances on IMF Pledge, German Confidence

Gold rose for the second time in three sessions as a weakening dollar boosted demand for the metal as an alternative asset.

The euro advanced against the U.S. currency after Europe pledged 150 billion euros ($196 billion) to the International Monetary Fund to help stem the region’s debt crisis, and as the European Central Bank widened its support for bond markets. Bullion also gained after German business confidence unexpectedly rose for a second month in December.