Gold Drops to 15-Week Low as S&P 500 Rises to Record
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Gold futures fell to a 15-week low in New York as U.S. equities climbed to a record, curbing demand for the precious metal as an alternative investment.
The Standard & Poor’s 500 Index of stocks rose to a new intraday high as an unexpected increase in durable-goods orders boosted growth prospects for the U.S., the world’s largest economy. Last year, gold slumped 28 percent as equities surged and concern mounted that the Federal Reserve would slow the pace of the monetary stimulus.