Financial Sector and U.S. Dollar Weakness Boosts Gold

Gold and Precious Metals Weekly (11/26/2008)
"Last Friday, the gold price increased approximately $55/oz, or 7.4%, to $800/oz and on Monday continued its rise closing at $822/oz. The recent move is likely driven by safe-haven buying (Citibank-related fears and subsequent government stabilization plan) and was further supported by increasing levels of gold ETF demand (SPDR holdings increased three tonnes to 755 on Friday), sustained high levels of credit risk, and US dollar weakness."

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