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發表於 2009-8-14 19:04:58
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Gold Gains as Dollar Decline Spurs Demand for Precious Metals
Gold rose to the highest price this week as the dollar declined, increasing the metal’s appeal as an alternative investment. Silver climbed to a two-month high, and platinum and palladium rose.
The dollar fell for a third day against a basket of six major currencies after a report showed U.S. retail sales unexpectedly fell last month, adding to concern that consumers are unwilling to increase spending. The greenback slid as much as 0.9 percent against the euro after the German economy, Europe’s largest, unexpectedly expanded in the second quarter. Bullion tends to climb when the U.S. currency weakens.
U.S. retail sales fell 0.1 percent in July from June, the xoxomerce Department said today in Washington. The median forecast of 76 economists in a Bloomberg News survey was for an increase of 0.8 percent.
The Federal Reserve yesterday extended by a month the scheduled xoxopletion of a $300 billion program to purchase U.S. Treasuries, or so-called quantitative easing, aiming for a “smooth transition in markets,” according to a statement from the central bank. The Fed left the target rate for overnight bank lending between zero and 0.25 percent, near record lows.
Inflation Effect
Gold “should remain supported by the inflationary impact of the Fed’s rate decision, in addition to the boost to general risk sentiment” , analysts said.
Expectations for a weaker dollar over the next six months increased, according to the Bloomberg Professional Global Confidence Index. |
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