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Gold Breaks Back Above $940 on Weak U.S. Dollar

Commodities / Gold & Silver 2009 Jun 26, 2009 - 05:51 AM GMT

By: GoldCore

Commodities

Gold
Gold regained a lot of ground yesterday, breaking through $940. News from the Federal Reserve, that they are to keep interest rates at record lows put the dollar under pressure and it gave up some of its recent gains.


If the dollar remains under pressure, which is almost certain given the Federal Reserve's continuing cheap money policies then the outlook for gold remains bullish. Many investors internationally will look to move some of their wealth into the safe haven asset to hedge against inflation. Gold is currently trading at $943/€672/£573.

Silver
Silver also rebounded with a healthy kick yesterday and moved through $14 and is currently trading at $14.18/€10.10/£euro;8.63

Platinum Group Metals
After losing more than $40 of its value in the early part of this week, platinum moved back above the $1200 level overnight. Palladium is testing resistance at $250 and a move to the upside might be seen in the coming weeks. Rhodium is currently trading a bid/offer of $1325/$1450.

Bullion Services Team

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