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Gold passes $1,400 an ounce

Gold passes $1,400 an ounce

Gold prices surged above $1,400 an ounce Tuesday as a weaker dollar pushed investors into the safe haven of precious metals.
Gold also seems to be gaining value based on its own track record for 2010, when global economic instability made it the go-to investment for jittery traders. Precious metals are a classic hedge against inflation. Traders are speculating that more central banks will take action to stimulate their economies in 2011, which could lead to inflation and make gold even more attractive than it is now.
Gold for February delivery rose $22.70 to settle at $1,405.60 an ounce. Silver followed in its wake, with contracts for March delivery rising $1.068 to $30.323 an ounce.


Updated : 2021-06-21 02:45 GMT+08:00