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Gold & Copper Falls as Dollar Rebounds

October 30, 2009 at 23:09 by Vladimir Vyun

Survey showed that gold may go down because a rising dollar eroding appeal of the precious metal as a hedge against inflation. The U.S. Dollar Index has gained 1.3 percent from the lowest in the 14 months on October 21st. Gold have trend to move inversely to the U.S. currency. December delivery for gold went down 0.8 percent to $1,047.50 per ounce at 12:55 yesterday in New York.

Copper may fall in London on speculation the dollar will rebound, eroding demand and making metals priced in the U.S. currency more expensive for holders of other monies. Analysts said that the metal would fall next week. Three-month delivery for copper remained at $6,651 per metric ton as of 17:00 yesterday on the London Metal Exchange.

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