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Gold May Advance Toward $1,000 as Weakening Dollar Spurs Demand

Posted By admin On September 7, 2009 @ 10:17 am In Money Watch | Comments Disabled

Nicholas Larkin
Bloomberg

Monday, Sept 7th, 2009

Gold, little changed near a six- month high in London today, may rise toward $1,000 an ounce as a weakening dollar increases the metal’s appeal as an alternative investment. Silver climbed to a 13-month high.

The dollar slipped as much as 0.4 percent against the euro as a report showed European investor confidence increased for a second month in September. Gold tends to rise when the greenback weakens. Bullion last surpassed $1,000 on Feb. 20.

“The underlying factor is still the dollar,” Dan Smith, a Standard Chartered Plc analyst in London, said by phone today. “If we do see a break in the dollar, it could be one of the triggers to take gold higher.”

Immediate-delivery bullion lost $1, or 0.1 percent, to $993.40 an ounce by 1:46 p.m. in London, erasing a gain of as much as 0.3 percent. The metal jumped 4.1 percent last week, the most since April. December gold futures slipped 0.2 percent to $994.70 an ounce in electronic trading on the New York Mercantile Exchange’s Comex division.

Full article here [1]

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[1] Full article here: http://www.bloomberg.com/apps/news?pid=newsarchive&sid=ajhlO0WbHd3o

[2] Image: http://www.efoodsdirect.com/ammo-food.html?aid=14&adid=5

[3] 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

[4] Gold Advances to Record in London on Demand for a Dollar Hedge: http://www.prisonplanet.com/gold-advances-to-record-in-london-on-demand-for-a-dollar-hedge.html

[5] Gold Climbs to Record as Dollar, Inflation Outlook Spur Demand: http://www.prisonplanet.com/gold-hits-record-high-close-to-1064.html

[6] Gold Gains as Dollar Weakens on Fed; Silver Reaches 30-Year High: http://www.prisonplanet.com/gold-gains-as-dollar-weakens-on-fed-silver-reaches-30-year-high.html

[7] Gold Rebounds as Decline Below $800 Spurs Buyers; Silver Gains: http://www.prisonplanet.com/gold-rebounds-as-decline-below-800-spurs-buyers-silver-gains.html

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