Gold Rises for Second Day as Dollar Drops on U.S. Data, IMF Plan
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Gold futures climbed to the highest settlement price in five weeks as a slumping dollar boosted the appeal of the precious metal as an alternative asset.
The greenback declined for the second day against a basket of major currencies after U.S. factory output in December climbed the most in a year as production of business equipment, automobiles and construction materials rose, figures from the Federal Reserve showed today. The International Monetary Fund proposed boosting its resources by as much as $500 billion to safeguard the global economy.