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Weak Dollar Boosts Gold & Copper

October 19, 2010 at 3:14 by Vladimir Vyun

Gold extended its rally today after the dollar weakened. The US currency rose 0.8 percent against the basket of major currencies before resuming its downfall. Analysts say that most traders and consumers aren’t ready to buy the metal for such high prices. The only interested parties are investors and central banks interested in expanding their reserves. December futures for gold delivery added $0.1 to $1,372.10 per ounce by 13:43 on COMEX.

Copper also benefited from the weakness of the dollar. Three-month delivery for copper gained 0.3 percent to $8,469 per metric ton on LME. Copper touched $8,490 per ton on October 14th, the highest level since July 2008.

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

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