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Gold Gains on Rising Demand, Crude Oil Declines

December 31, 2010 at 6:43 by Vladimir Vyun

Gold gained as confidence in the common currencies decline, while demand for the precious metal as a hedge against inflation rises. Analysts say that inflation pressure will strengthen as countries across the world continue to debase their currencies. At the same time, China continues to expand its purchases of the metal. Bullion for immediate delivery gained 0.3 percent to $1,409.40 per ounce.

Crude oil extended its decline from the record after a report showed that US inventories decreased less than expected. US stockpiles of crude decreased by 1.26 million barrels to 339.4 million last week. Experts expected a decline by 2.8 million barrels. February delivery for crude oil fell $0.32 (0.4 percent) to $89.52 per barrel on NYMEX.

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