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發表於 2006-12-16 09:59:05
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Gold touches four-week lows on dollar rise
Gold fell to its lowest in nearly four weeks on Friday as a rally by the dollar prompted bullion investors to leave the market.
Spot gold <XAU=> rose as high as $628.90 an ounce, hit a low of $621.70 and was at $623.00/623.75 by 1605 GMT, compared with $626.00/627.50 late in New York on Thursday.
Prices are down because the dollar is stronger today.
The dollar rose as currency investors pocketed profits from the euro's big run up and reversed an initial dollar sell-off after a tame reading of November inflation.
Gold often moves in the opposite direction to the dollar. The metal also generally is seen as a hedge against inflation.
Gold has fallen steadily since rallying to a 16-week high of $649.50 on Dec. 1 as players locked in profits ahead of the Christmas and New Year holidays. The metal was trading well below the 26-year high of $730 hit in mid-May.
"While the mid- to longer-term outlook for gold remains bullish due to increasing investor interest and speculation of institutional dollar diversification, the market short-term is still at risk to pockets of long liquidation ahead of year end. |
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