Gold, Near Record, May Climb on European Debt, Inflation Concern
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Gold, little changed near a record in New York, may climb as concerns about European debt and rising inflation spur demand for an alternative investment.
The European Central Bank lifted interest rates for the first time in almost three years to quell inflation even as Portugal said yesterday it will seek a bailout. Gold futures yesterday reached a record $1,463.70 an ounce. Prices have climbed as fighting in Libya, Japan’s nuclear crisis and concerns about European debt boosted demand for the metal as a protector of wealth.