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Gold, other metals rise as dollar slips

Release Date: 
Tuesday, December 7, 2010

U.S. president Barack Obama's agreement to extend tax cuts to taxpayers of all income levels helped push up gold, silver and copper prices while the dollar slightly slipped, Bloomberg reports.

Termed by the president "an essential step on the road to recovery," the two-year extension comes as the European Union prepares to finalize approval of Ireland's rescue package as the price of gold increased one percent to $1,428.55 per troy ounce and the Dollar Index slipped 0.3 percent, also performing poorly against 16 of its counterparts.

The President's agreement "places less of an onus on monetary policy to actually stimulate the economy," David Forrester, a currency economist at Barclays Capital, told Bloomberg. He said Europe has "lots of disagreement among policy makers, which is creating more uncertainty."

Investors seeking safe investment alternatives to unpredictable economies helped gold's price rise to record values in New York in London. Silver and copper each increased 2.8 percent to $30.5475 per troy ounce and $9,014 per metric ton, respectively.

The price of silver marked its 30-year high and the price of copper reached its all-time nominal high.

This news article is independently provided by Brafton and does not represent the views or opinions of Goldline International, Inc. Although the information in this news alert has been obtained from sources believed to be reliable, Goldline does not guarĀ­antee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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†This material has been prepared for private use. Although the information in this commentary has been obtained from sources believed to be reliable, Goldline does not guarantee its accuracy and such information may be incomplete or condensed. The opinions expressed are subject to change without notice.

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