Gold rose for a third day

Gold rose for a third day, climbing to the highest level in over two weeks in New York as concerns about the debt crisis in Europe fueled demand for protecting the wealth and weakness of the dollar.

The dollar fell from the highest level in more than two months against the euro amid speculation the European Central am responsible for meeting the Bank's policies may signal its willingness to act to prevent the spread of the debt problems of the region . Gold futures, which usually move inversely to the U.S. currency reached a record $ 1424.30 an ounce on November 09. The metal rose to a record price in euros.

There are "too many complications in the euro area and U.S.," said Bernard Sin, chief currency and bullion trading metal refinery MKS Finance SA in Geneva. "People are gold and probably long retain their long positions in the New Year."

Gold futures for February delivery was up $ 12.20, or 0.9 percent, to $ 1398.30 an ounce, the highest price since 12 November, was $ 1395.60 at 8 am on the Comex New York. The metal for immediate delivery in London was 0.6 percent, to $ 1,394.40.

Bullion rose to $ 1,391.50 an ounce in the morning "fix" in London, used by some mining companies to sell production, from $ 1,383.50 in the afternoon yesterday fixing.

investor concern has shifted to the growing debt in Spain and Portugal after European governments bailed out Ireland, which earlier this year to help Greece. ECB Governing Council will meet tomorrow amid speculation that he will delay his departure from the emergency liquidity measures. All 52 economists surveyed expect the central bank to leave its benchmark interest rate unchanged at 1 percent.

"Uncertainty" Dollar

"The increased uncertainty regarding the role of the U.S. dollar in the international monetary system, concerns related to the stability of the peripheral countries of the euro area and increasing inflationary pressures in emerging Asian markets, especially China "are supportive of gold, Anne-Laure Tremblay, a London-based analyst at BNP Paribas SA, wrote in a report yesterday. Gold may average $ 1.500 to $ 1,600 next few years in 2012, he said.

Bullion for immediate delivery rose to a record high of 1,070.474 euros an ounce today, and a high of 895.4353 British pound. The metal rose to a five-month high in Swiss francs and was near the highest since at least 1971 in Canadian dollars.

Silver for March delivery in New York gained 1.9 percent to $ 28.75 an ounce. It peaked at $ 29.34 30 years on November 9 and 71 percent this year.

Palladium for March delivery rose 1.6 percent to $ 714.50 an ounce. Platinum for January delivery was 0.8 percent, to $ 1679.10 an ounce.