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Gold Rises as Dollar Declines

October 21, 2009 at 19:16 by Vladimir Vyun

Gold advanced in New York as the weakening dollar increase the attractiveness of the precious metal as a hedge against inflation.

A change in gold prices depends on the dollar. The head dealer at Integrated Brokerage Services LLC in Chicago predicts that we “are going to see continued erosion in the dollar.” This situation is very bullish on gold.

The U.S. Dollar Index dropped 0.7 percent to a 14-month low. Gold futures reached a record of $1,072 per ounce on October 14th and have jumped 20 percent this year as the dollar index has fell 7.6 percent.

December delivery for Gold futures advanced $1.50 (0.1 percent) to $1,060.10 per ounce by 11:03 on the New York Mercantile Exchange’s Comex division.

If you have any questions and comments on the commodities today, use the form below to reply.

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