Gold crosses $1,880

Gold rose to a record above $1,880 (Dh6,905) an ounce in New York, poised for the longest run of weekly gains since April 2007, as escalating concern the global economy is slowing drove equities lower. Gold for December delivery gained $27.60, or 1.5 per cent, to $1,849.60 on the Comex at 10.40am in New York, after touching $1,881.40, the highest ever. Before yesterday, prices gained 4.6 per cent last week and 12 per cent since July 31. The metal is set for a seventh weekly advance as worse-than-expected US economic data and Europe's debt crisis boost speculation that growth will falter.