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Gold rallied even as the U.S. dollar strengthened, helping the precious metal hit record highs across a number of major currencies, namely euro, British sterling, South African rand and the Canadian dollar.
The latest rally, which began three weeks ago on euro zone debt worries, has powered gold into uncharted territory. Europe has been struggling to put together a second bailout for Greece and contain its debt crisis.
Bullion has gained 8 percent in 11 days, as President Barack Obama and Congress have failed to reach an agreement to raise the $14.3 trillion U.S. borrowing limit. With the clock ticking toward an Aug. 2 deadline, investors have turned to gold at the expense of riskier assets, such as equities and commodities.
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