Gold climbs for the third session as dollar extends losses

08:08, December 30, 2010      

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Gold futures on the COMEX Division of the New York Mercantile Exchange rose for the third session Wednesday on strong investment demand fueled by the progressive weakness in U.S. dollar.The most active gold contract for February delivery added 7.9 dollars, or 0.6 percent, to 1,413.5 dollars per ounce.

Both silver and platinum jumped.The greenback has retreated for the third session in a row on Wednesday, as signs of global economic recovery buoyed up investors'appetite for higher-yield assets such as stocks. The Dollar Index, which tracks the greenback against six major currencies including the euro, yen and pound, dropped 0.8 percent to 79.755.A trader has attributed the recent strength in the bullion to the consecutive decline in the U.S. dollar, as a weaker dollar makes dollar-denominated commodities much cheaper for investors holding other currencies.

Meanwhile, a trader also mentioned the outstanding performance of gold in 2010 has attracted more investors to put more of the precious metal into their portfolio before the end of the year as a hedge against the rising inflationary pressure and huge uncertainty in the global economic system.

Silver futures for March delivery climbed 38.1 cents, or 1.3 percent, to 30.704 dollars per ounce. Platinum jumped 3 dollars, or 0.2 percent, to 1760.2 dollars per ounce.

Source: Xinhua
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