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Gold extends rally amid inflationary concern, weak dollar

04-07-2011 10:16 BJT

CHICAGO, April 6 (Xinhua) -- Gold futures on the COMEX Division of the New York Mercantile Exchange further hiked on Wednesday, as worries over worldwide inflation prompted investors to buy more gold to store their wealth. A weaker dollar gave additional push.

The most active gold contract for June delivery hiked six U.S. dollars, or 0.4 percent, to 1,458.5 dollars per ounce.

Market analysts said that worries over inflation intensified after the Federal Reserve Chairman Bernanke said that inflation must be watched "extremely closely."

A senior analyst with PFTBEST said that consecutive hikes in the energy prices also helped fueled the gold market. May crude oil futures added 49 cents on Wednesday in New York, hitting 108. 83 U.S. dollars per barrel, the highest price for two and a half years.

Traders noted that the weakening dollar against euro also helped buoy up the dollar-priced gold market. The dollar declined as much as 0.9 percent against the euro on speculation that the European Central Bank will raise its main interest rate this week.

Silver for May delivery also increased 20.4 U.S. cents, or 0.52 percent, to 39.387 dollars per ounce. July Platinum also added one dollar, or 0.06 percent, to 1,797.8 dollars.

Editor:Yang Jie |Source: Xinhua

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