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Gold climbed toward its record highs again on Wednesday as the dollar extended a 14-month low versus the euro.
December-stamped gold rose to $1,064.50 per ounce, up $5.90 on the session. Prices reached as high as $1,065.70 after earlier hitting as low as $1,048.10.
The dollar hit a new 14-month low of 1.5045 against the euro and remained near the 1.5000 mark in the mid-afternoon. The greenback dropped to a five-week low against the British pound.
Key economic data is on the way tomorrow. Initial jobless claims data is due at 8:30 a.m. ET. First-time unemployment claims are expected to rise to 517,000, compared to 514,000 reported last week.
The leading indicators report is coming at 10 a.m. ET. A rise of 0.9% is projected for September, compared to an increase of 0.6% in August.
Existing home sales data for September is also due at 10 a.m. ET. Sales are expected to rise to 5.35 million, compared to 5.1 million in August.
After the close of floor trading, the Federal Reserve's Beige Book report released Wednesday afternoon noted that the 12 Fed districts have indicated either stabilization or modest improvements in many sectors since the last report.
Federal Reserve Governor Daniel Tarullo said earlier Wednesday that financial reform cannot be fully successful until it adequately addresses systemic risk and the too-big-to-fail problem.
Last week, gold reached a record high of $1,072. When adjusted for inflation, the metal moved near $1,000 in 1980.
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