Gold climbed to a record in Londonand New York as concern about Europe’s debt crisis spurred demand for the metal as a protection of wealth. Bullion rose to an all-time high in British pounds.

Ireland joined Portugal and Greece yesterday as the third euro-area nation to have its credit rating cut to below investment grade. Concern about default in the euro region, faster inflation and a weakening dollar spurred investors to hold $125.4 billion of assets in exchange-traded products backed by precious metals, and has also sent bullion to an all-time high in euros.  Read more