Gold Sets New Record as Weaker Dollar Speeds Breakneck Rally

Gold climbed to an all-time high as the dollar pushed lower with traders assessing the outlook for the Federal Reserve’s interest rate path after US data showed resilience in the job market and consumer spending.

The US economy expanded in the third quarter by slightly more than initially reported, supported by stronger exports and smaller drag from inventories. Initial jobless claims steadied at 200,000 last week. There also was a smaller-than-expected increase in applications for US jobless benefits, indicating fewer layoffs. And, personal spending rose at a solid pace in November, underscoring consumer resilience.