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Global gold price stands above US$1200 per ounce

08-09-2010 11:03 BJT

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The global price of gold has increased for eight consecutive days, to stand above 1,200 U.S. dollars per ounce towards the end of last week. That follows a five percent decline in July, the largest single-month decline in two years.

The less-than-expected decrease in the unemployment rate of the U.S. non-agriculture sector for July added to investors' concerns over the nation's economic recovery. It also brought down the dollar's exchange rates to a near three-month low on Friday. In turn, that's pushed up gold prices.

The metal's price has maintained an upward trend in the first half of this year. It reached a record high at the end of June to stand at 1,265 U.S. dollars. But the easing of the European debt crisis stopped the trend. Analysts say prices have the potential to rise further later in the year.

Editor:Xiong Qu |Source: CNTV.CN

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