NEW YORK: Gold today rose to a record in London and New York, as other commodities gained on speculation demand for raw materials will increase and as investors bought the metal to protect wealth from Europe's financial turbulence.
The gold added USD 8.50, or 0.7 per cent, to USD 1,265.30 an ounce in London. It surpassed the previous all-time high of USD 1,262.50 set June 18.
The metal for August delivery was 0.3 per cent higher at USD 1,261.90 in New York after reaching USD 1,266.50.
China, the world's third-largest economy, said it may allow the yuan to move higher, making commodities priced in other currencies less expensive for Chinese consumers.
Bullion gained in eight of the past nine weeks on speculation debt-cutting measures by European nations will slow expansions.
Gold, up 15 per cent this year, is heading for its 10th consecutive annual gain, the longest winning streak since at least 1920.
