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12 November 2009 at 11:00 IST
Gold aims to set new record in Asia
SINGAPORE (Commodity Online) : Gold prices continued to move upwards in Asian trade Thursday and advanced above $1120 an ounce mark.
December-delivery gold was seen trading at $1,120.88 an ounce at 12.00 noon Singapore time after hitting as high as $1122.30 an ounce earlier.
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Gold futures advanced to a record, rising for a ninth consecutive day in the best winning run since 1982, on speculation that central banks and investors will step up purchases as the dollar extends a slump.
Gold futures have risen about 27 percent this year, heading for a ninth annual gain, as the Dollar Index tumbled 7.8 percent.
Spot gold advanced for a fifth day, also to an all-time high. Spot gold advanced as much as 0.4 percent to $1,122 an ounce.
The currency has dropped on record-low U.S. interest rates and increased government borrowing to combat recession in the world’s top economy.
News last week of bullion purchases by the Indian and Sri Lankan governments has raised speculation other countries will follow suit.
The dollar traded near a two-week low against the euro Thursday before a report tomorrow that is forecast to show Europe’s economy expanded last quarter, damping demand for the U.S. currency.
The U.S. currency fell to $1.5001 per euro from $1.4987 in New York Wednesday, when it touched $1.5048, the lowest level since Oct. 26.
On Wednesday, December gold rose $12.10 to $1,114.60 per fine ounce on the New York Mercantile Exchange.
The price of gold struck a record high $1,118.88 an ounce in London on Wednesday, on the back of a weak US dollar.
December silver had risen 31.5 cents to $17.537 per ounce, and December copper fell 0.45 cent to $2.9660 per pound, also at preliminary settlement.
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