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Gold rose the most in more than a week as a drop in the dollar and renewed optimism that Europe will act to tame the debt crisis boosted investor demand.
The greenback slumped as much as 0.9 percent against a basket of six major currencies, declining for the fourth straight day. European leaders meet this weekend in Brussels as they seek to contain the region’s fiscal crisis. Before today, gold dropped 12 percent since the end of August as escalating debt woes threatened global growth and commodity demand.
Gold futures for December delivery gained to $1,649.80 an ounce on the Comex in New York. A close at that level would be the biggest advance since Oct. 10. Before today, the metal was down 4.2 percent this week, heading for the first weekly drop in three.
Bullion slipped to $1,604.70 yesterday, the lowest since Oct. 5.
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