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Gold hits record on weak dollar

(Reuters) / 25 April 2011

Spot gold hit a lifetime high on Monday, extending a record-breaking rally to its seventh consecutive session, buoyed by a weak dollar that languished around its three-year low.

The dollar extended losses against a basket of currencies from the previous session to three-year lows, and might look to test an all-time low.

“It’s the dollar play,” said a dealer based in Singapore.

“People are now looking at $1,515 to $1,520, so there is more room for prices to go even higher.”

Spot gold rose to a record high at $1,513.70 an ounce, but eased to $1,512.24 by 0108 GMT.

US gold futures also arched to a record high, at $1,514.50 an ounce. It was trading at $1,513.

The escalated violence in Syria and Yemen over the weekend also helped lift gold, seen as a safe haven during time of turmoil.

US silver futures rose to a 31-year high of $47.87 an ounce, and eased to $47.76.

The Relative Strength Index on the most-active US silver futures contract rose above 90, its highest level in five years, suggesting the market has been heavily overbought.

Financial markets in Hong Kong and Australia remain closed on Monday.



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