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Posted On: 10 August 2011 09:31 am
Updated On: 12 November 2020 02:11 pm

Gold near $1,800 after massive 3-day rally

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Worries of more government intervention in European and US debt crises lifted gold early yesterday to a record near $1,800, but bullion pared gains as the battered stock market bounced higher. Spot prices of bullion were up nearly 1% at around $1,730 an ounce by 1530 GMT, Bullion has gained about 13% since the end of June. Before Wall Street rebounded in the morning, bullion peaked at a session high of $1,778.29. Gold priced in euros hit an all-time peak above €1,250 an ounce and was set for its biggest two-day rally since May 2010, when the eurozone debt crisis first flared. Gold in sterling and yen also hit records. Reflecting the rush into gold, holdings of metal in exchange-traded funds rose for a twelfth day to an all-time high near 70mn ounces, equivalent about half of total supply in 2010, based on World Gold Council data. Among other precious metals, silver fell around 2.5% on the day to around $38 an ounce. Platinum rose about 2% to around $1,748 an ounce, while palladium fell 3.3% to around $714 an ounce.