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Gold Investing News reports that inflation continues to be the concern according to US producers price data. US dollar weakness helped advance investment demand for gold, pushing the closing spot price for the precious metal to US$816.80 per troy ounce, representing a 1.4 per cent increase over the previous day’s trading session. The strong gains in …
Gold Investing News reports that inflation continues to be the concern according to US producers price data.
US dollar weakness helped advance investment demand for gold, pushing the closing spot price for the precious metal to US$816.80 per troy ounce, representing a 1.4 per cent increase over the previous day’s trading session. The strong gains in gold prices for the week, prompted some extremely bullish statements from the Managing Director of Gold Investments, Mark O’Byrne. He said the important short-term influences on gold would be whether the dollar could keep strengthening and whether oil prices continued to fall. O’Byrne said inflation and stagflation were now stalking developed western economies and developing and emerging markets alike, and this bode well for gold in the long term as it was in the 1970s.
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