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Related Articles
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Metals - Gold up on resurgent credit crisis fears, high oil price |
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LONDON (Thomson Financial) - Credit crunch fears and high oil prices lifted gold as the dollar's recent run higher stalled.
The precious metal is bought in times of turmoil as a safe haven asset, as an inflation hedge and traders tend to buy gold as an alternative asset to the dollar.
Credit concerns resurfaced on Monday after a Lehman Brothers report said a pending accounting change could force Fannie Mae and Freddie Max, the two largest U.S. mortgage funders, to raise a combined $75 billion in capital at a difficult time.
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Metals - Gold steady at lower levels; inflation concerns underpin |
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LONDON (Thomson Financial) - Gold was steady at lower levels as the dollar held on to recent gains and as oil prices ticked lower.
The precious metal, now some 16 percent lower than a record $1,032.50 hit in March, has fallen from its peak as some expect the dollar could have seen its lowest levels this year.
Gold trades counter to the dollar as it is seen as an alternative asset and in line with oil prices as investors hedge against inflation.
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Drop in metal prices 'unlikely to be for long' |
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BASE and precious metals prices firmed slightly on Friday after tracking downwards for several days on a range of factors.
Industry analysts said the recent downward trend was likely to be short-term and did not indicate the end of the commodities bull run was in sight.
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High prices as good as gold in jewelry market |
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The buzz around record-setting gold prices is reminding jewelry shoppers that gold is indeed a precious metal.
Yellow gold has never completely fallen out of favor with the fashion crowd, but over the past decade the public took more of a shine to sterling silver and platinum. But gold’s fortunes had already started to turn when it hit $1,000 an ounce in March.
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Gold Price Could Climb Again Over $1,000/Oz On Dlr,Inflation |
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LIMA (Dow Jones)--Rising demand, higher inflation, a falling U.S. dollar, de-hedging by mining companies, and rising money supply levels are among the factors that have kept gold prices buoyant.
Experts say that those same factors could help push the price of gold back to $1,000 an ounce again, a level hit earlier this year, and that the price of the precious metal could climb even higher.
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Gold, Silver Decline as Dollar Rebounds, Oil Falls From Record |
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May 22 (Bloomberg) -- Gold fell from a one-month high as the dollar rebounded against the euro and crude oil dropped from a record, eroding the appeal of the precious metal as a hedge against inflation. Silver also declined.
The dollar snapped a two-day slide, rising from the lowest in a month against the euro. Gold has gained 9.6 percent this year as the euro climbed 7.6 percent against the dollar. Oil has doubled in the past year, fueling concern inflation will accelerate.
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GOLD DEMAND HITS Second-highest quarterly value on record in q1 2008 - BUT record prices LEAD TO VOLUME DECLINE |
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With financial markets still reeling from the global credit squeeze, and growing inflationary pressures dollar demand for gold reached US $20.9bn in the first quarter of 2008, a 20% increase over the same period in 2007 and more than double the level of four years earlier.
However, tonnage demand for gold at 701 tonnes was down 16% on the same period last year and represents the lowest quarterly figure for five years, according to Gold Demand Trends, which is released today by World Gold Council (WGC). This fall was caused primarily by the sharp rise and unusually high volatility in the gold price, which briefly touched record levels above $1,000/oz in mid-March.
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