Gold reached its highest level in three weeks as the sliding dollar increased the metal’s appeal

 

U.S. economy improved in the third quarter encouraging demand for higher-yield currencies; this trend discouraged US dollar and yen, which dropped to the lowest level against euro in at least seven weeks in Currency Trading Online.

Gold rose the most in three weeks as the sliding dollar increased the metal’s appeal as an alternative investment. Gold futures for December delivery rose from $16.60 to $1,047.10 per ounce on the New York Mercantile Exchange’s Comex.

Caterpillar Inc., Alcoa Inc. and American Express Co. jumped at least 5.1 percent after the Commerce Department said gross domestic product grew at a 3.5% percent pace from July through September after shrinking for four straight quarters. Motorola Inc., Procter & Gamble Co. Newmont Mining Corp. and Kellogg Co. climbed on better-than-estimated earnings.

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