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Gold, silver prices to soar following U.S. rating cut

08-08-2011 14:44 BJT

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Gold futures for December delivery are rising toward 17-hundred US dollars an ounce. Elsewhere among the precious metals, spot silver jumped more than 5 percent to above 40 US dollars an ounce.

Analysts predict gold will most likely receive safe-haven flows from investors, following the US rating cut. The previous one-month forecast of 1,725 US dollars is expected to be easily met in the short term.

The jump in the silver prices also comes on the back of the US credit rating downgrade. The purchase of coins and small bars - often perceived as trading from wary investors - stems from waning consumer confidence.

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Editor:Li Wanran |Source: CNTV.CN

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