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Gold Closes In On 900 Dollars With New Record

January 14, 2008

Gold struck a historic high of 897.90 dollars per ounce on Friday owing to a weak dollar that reflected worries about slowing economic growth in the United States, traders said.

After striking the fresh peak, gold settled back to stand at 895.56 dollars on the London Bullion Market.

Traders were investing heavily in gold as they search a safe haven amid concerns over the world’s richest economy. A weak dollar has made gold more affordable for buyers using stronger currencies.

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