Gold climbs in New York as investors may switch from equities

Gold prices today climbed on speculation investors might buy the metal as an alternative to stocks.

Gold prices today climbed on speculation investors might buy the metal as an alternative to stocks.

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The gold rose USD 2.20, or 0.2 per cent to USD 1,250.30 an ounce on the Comex in New York. The metal in London climbed 0.3 per cent to USD 1,248.40 an ounce.

The European Union plans to limit so-called naked short sales of shares and government debt which it says can cause a "disorderly market and possible systemic risks." That may encourage investors to move out of higher risk assets such as stocks. (Bloomberg)