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Gold Rises for Fourth Day as Dollar Weakness Boosts Demand for Alternative

Thursday, December 2, 2010     Bloomberg    

Gold rose for a fourth straight day after the dollar weakened, boosting the appeal of the precious metal and commodities as alternative investments.

The dollar fell for a second day against a basket of six major currencies after a report showed pending home sales unexpectedly advanced in October. The Thomson Reuters/Jefferies CRB Index of 19 commodities jumped as much as 1 percent. Gold is headed for the 10th straight annual gain, touching a record $1,424.30 an ounce on Nov. 9.

Gold is up primarily on dollar weakness and economic optimism,” said Adam Klopfenstein, a senior market strategist for Lind-Waldock in Chicago. “This is very positive for gold on the future inflation front.”

Gold futures for February delivery rose $1, or 0.1 percent, to settle at $1,389.30 an ounce at 2:05 p.m. on the Comex in New York. Earlier, the price reached $1,399.70, the highest since Nov. 12. The metal has gained 27 percent in 2010.

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