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Sunday 20th of June 2010
October 8, 2009    

Gold continues to rise as dollar falls

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by Kay Murchie

The price of gold reached $1,058 (£659.20) an ounce on the London Bullion Market yesterday - its third consecutive day of gains.

A weak US dollar continues to make gold an attractive buy for investors, according to analysts.

Furthermore, the price of the precious metal could continue to rise if the dollar remains weak. Traditionally, the US dollar moves in the opposite direction to gold.

Sandra Close, an analyst at Surbiton Associates, recently highlighted that “There are questions out there over the health of economies, where interest rates are going. All that encourages gold hoarding.”

However, during the October to December period, the price of gold is strong as the build-up to Christmas brings with it a higher demand for jewellery.

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