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Gold Rises Most in Three Weeks as Europe Debt Woes Mount

Gold futures gained the most in three weeks as European debt concerns mounted, spurring demand for the metal as a hedge.

Failure by leaders at this week’s summit to come up with measures to shore up the weakest countries’ finances may be “fatal” for the euro, billionaire investor George Soros said yesterday, while German Chancellor Angela Merkel rejected joint euro-area bonds or bills. Holdings in exchange-traded products backed by gold approached a record high.