Dec. 2 (Bloomberg) — Gold surged to a record for a second straight day as investors stepped up purchases to protect their wealth against currency depreciation. Silver also gained.

Gold futures touched an all-time high of $1,218.40 an ounce in New York and bullion priced in sterling, euros and Swiss francs also set records. Central banks, pension funds and individuals have bought gold as a hedge against potential currency debasement and inflation. The precious metal is climbing “like there is no tomorrow,” David Thurtell, an analyst at Citigroup Inc., said in a report.

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