Gold Futures Climb To August Highs After Rally Attracts Buyers

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The metal is up 4.2 percent this year, outperforming commodities such as oil and copper.

Gold rose to the highest price since August in New York on speculation that a five-week rally will continue.

Gold is heading for the fifth consecutive weekly gain after dropping 4.9 percent in the first week of the year. The metal is up 4.2 percent this year, outperforming commodities such as oil and copper.

"A lot of funds are jumping in and buying," said Walter Otstott, a senior commodity broker at Dallas Commodity Company Inc. in Dallas. "I anticipate a run to $700 before you get any significant degree of profit-taking."

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