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Gold futures rise above $1,360 as dollar falls

Posted By admin On October 13, 2010 @ 4:07 am In Money Watch | Comments Disabled

Myra P. Saefong
MarketWatch [1]
Oct 13, 2010

LONDON (MarketWatch) — Gold futures resumed their run higher, hitting an intraday high of $1,362 an ounce on Wednesday, as weakness in the U.S. dollar spurred demand for the precious metal.

Gold for December delivery  rose $14.90 to $1,361.60 an ounce in electronic trading on Globex.

Earlier in the session, the contract touched an intraday high of $1,362 an ounce.

“Support is coming from a very weak U.S. dollar again, which plunged against the euro yesterday on publication of the minutes of the last Fed meeting,” said analysts at Commerzbank in a note to clients.

“The minutes were interpreted by market players to mean that the Fed is highly likely to introduce new quantitative easing measures as soon as November,” they said.

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Gold futures rise above $1,360 as dollar falls 140910banner5 [3]

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[1] MarketWatch: http://www.marketwatch.com/story/gold-futures-rise-to-fresh-highs-near-1360-2010-10-13?reflink=MW_news_stmp

[2] Having A Supply Of Healthy Foods That Last Just Makes Sense (AD): http://www.efoodsdirect.com//index.html?aid=14&adid=43

[3] Image: http://www.homegain.com/homevalues

[4] Gold futures fall as U.S. dollar rallies after China move: http://www.prisonplanet.com/gold-futures-fall-as-u-s-dollar-rallies-after-china-move.html

[5] Gold hits fresh high as US dollar falls to three-year low: http://www.prisonplanet.com/gold-hits-fresh-high-as-us-dollar-falls-to-three-year-low.html

[6] Gold rises to three-month high as weaker dollar spurs demand: http://www.prisonplanet.com/gold-rises-to-three-month-high-as-weaker-dollar-spurs-demand.html

[7] Gold Falls in London as Dollar Strengthens, Crude Oil Declines: http://www.prisonplanet.com/gold-falls-in-london-as-dollar-strengthens-crude-oil-declines.html

[8] Gold falls 2 pct, tracking losses across commodities: http://www.prisonplanet.com/gold-falls-2-pct-tracking-losses-across-commodities.html

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