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Last Updated : 25 January 2010 at 10:50 IST
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Gold advances as dollar dips

SINGAPORE (Commodity Online) : Gold prices recovered in Asian trade Monday as the dollar dropped, reviving demand for the precious metal as an alternative asset.

Spot gold was seen trading at $1,099.81 an ounce at 12.00 noon Singapore time while February delivery in New York was at $1,099.20 an ounce at the same time.

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The precious metal, which touched an all-time high of $1,226.56 last month, slumped to a one-month low of $1,081.95 an ounce on Jan. 22.

Bullion hit a one-month low of $1,081.90 on Friday, although the dollar's decline provided some support.

The precious yellow metal was helped by US President Barack Obama's proposal to limit financial risk-taking.

Obama's plans to restrict banks or financial institutions from associating with a hedge fund or a private equity fund, which was unveiled on Thursday, caused stocks, the dollar and commodities to tumble.

The Dollar Index, a six-currency gauge of the greenback’s strength, lost as much as 0.2 percent.

Spot Platinum gained 0.8 percent to $1,561.50 an ounce, Silver increased 0.7 percent to $17.1475 an ounce and Palladium jumped 1.5 percent to $438.75 an ounce.

The world's largest gold-backed exchange-traded fund, SPDR Gold Trust said its holdings stood at 1,111.922 tones as of Jan. 22, unchanged from the previous business day.



MCX COTTON 29 mm 31 May 2012 contract was trading at Rs 18750 , down Rs. -130 . What's your view on it?
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