Gold may decline in New York on sales by some investors after the precious metal climbed near a record over concerns that Europe’s debt crisis will sap the region’s economic recovery and weaken its 16-nation currency.
Gold climbed in New York as weaker German investor confidence stoked concern the economic recovery is stalling and as yesterday’s decline in the dollar boosted demand. Silver gained to the highest price since March 2008.
Gold rose to a record for the eighth time in two weeks as the dollar dropped to the lowest level since early February, boosting investor demand. Silver extended gains, reaching the highest price since 1980.