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Fears of U.S. downgrade push up spot gold prices

08-03-2011 16:51 BJT

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Concerns over a possible downgrade and sluggish global economy not only sent stocks on Wall Street down, but is pushing spot gold prices to an all-time high. Most investors are avoiding the volatility of the markets are seeking the safe-haven of the precious metal.

Spot gold price hit 1,656.19 US dollars an ounce, after touching a historical high of 1,658.59 US dollars earlier in the day. Weak US economic data is also dragging down oil futures.

ICE Brent crude for September fell 35 cents to settle at 116.46 US dollars a barrel. US September crude fell more than a dollar to settle at 93.79 dollars a barrel. That's the weakest close since June 28.

Spot gold price hit 1,656.19 US dollars an ounce, after touching
a historical high of 1,658.59 US dollars earlier in the day.

 

Editor:Li Wanran |Source: CNTV.CN

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