NEW YORK — Gold rose to the highest price in almost 18 years in New York as an industry report showed investors are seeking alternatives to U.S. and European currencies, stocks and bonds.

Gold for December delivery rose $7.80, or 1.6 percent, to $486.90 an ounce on the Comex division of the New York Mercantile Exchange, the highest close since January 1988. The precious metal has climbed 3.7 percent this week, even as the U.S. currency approached a two-year high against the euro.

Demand for gold coins, bars and bullion-backed shares rose 56 percent in the third quarter, the producer-funded World Gold Council said today. Gold sold in dollars has rallied 11 percent this year, heading for a fifth-straight annual gain, as concern about quickening inflation grew and jewelry purchases increased.