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Gold futures rose to a six-week high as Europe’s escalating sovereign-debt crisis spurred demand for a haven.
Italian Prime Minister Silvio Berlusconi’s allies pressured him to step aside after contagion from the region’s fiscal woes pushed the nation’s borrowing costs to euro-era records. Gold jumped to a record $1,923.70 an ounce on Sept. 6 on demand for an alternative to equities and some currencies.
Berlusconi struggled to keep his allies in line after some lawmakers announced defections before critical parliamentary votes in coming days.
Gold futures for December delivery on the Comex in New York reached $1,784.80, the highest for a most-active contract since Sept. 22. Before today, the commodity climbed 24 percent this year.
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