Gold Prices Soar

News - November 11, 2009

Gold prices soared in November, mainly buoyed by interest from investors seeking to hedge their dollar assets against the tumbling U.S. dollar and on concerns over inflation expectations.

Last week, the International Monetary Fund (IMF) and China discussed gold deal. After India, China has shown its readiness to purchase physical gold from the IMF to diversify its reserves. Further strength in the gold price may also be favourably driven by the G-20’s promises to continue keeping interest rates low (G-20 is a group of finance ministers and central bank governors from 20 economies).

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