Gold Climbs in Asia, Nears Record as Europe Boosts Haven Demand

Gold gained to within 0.9 percent of a record as concern about Europe’s debt crisis grew after Fitch Ratings called the U.K.’s fiscal challenge “formidable,” boosting the appeal of the metal as a haven.

Bullion for immediate delivery rose as much as 0.4 percent to $1,240.85 an ounce, after hitting an all-time high of $1,252.11 yesterday, and traded at $1,238.97 at 8:50 a.m. in Singapore.

Gold climbed to a record in euros, pounds and Swiss francs yesterday as investors sought to preserve their wealth against declining currencies. The precious metal also advanced to a 15- month high in New Zealand dollar terms and to the highest level since February 2009 in Australian dollars.

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