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09-11-2009, 07:00 PM #1
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Gold Climbs to 18-Month High as Dollar Weakens; Silver Gains
Gold Climbs to 18-Month High as Dollar Weakens; Silver Gains
By Halia Pavliva and Claudia Carpenter
Sept. 11 (Bloomberg) -- Gold surged to the highest price since March 2008 and a record close as the dollar extended its longest slide in six months, boosting demand for the metal as a hedge against inflation. Silver reached a 13-month high.
The U.S. Dollar Index, a six-currency gauge of the greenback’s value, has dropped for six consecutive sessions, the longest slump since March, to an 11-month low. Before declining today, crude-oil prices, used by some investors as a gauge of future inflation, jumped 61 percent this year. Gold, which tends to gain when the dollar weakens, has climbed 14 percent in 2009.
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