Global Debt Concern Sets Gold to New Highs

Global Debt Concern Sets Gold to New Highs

Gold climbed to a record in London and New York for a fifth day, trading above $1,500 an ounce, as a weaker dollar and debt concerns boosted demand for the metal as an alternative investment. Silver rose to a 31-year high.

The dollar slid to the lowest level since August 2008 against a basket of six major currencies. Greek two- and 10-year government bond yields reached euro-era records amid speculation the nation won?t be able to avoid restructuring its debts. Fighting in Libya and Japan?s nuclear crisis helped gold, which typically moves inversely to the greenback, to gain 6.1 percent this year.

Source: Global Debt Concern Sets Gold to New Highs