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Spot gold ran to a record high above $1,090 per ounce on Wednesday, latching on to a weaker dollar with continued support from the IMF's sale of gold to India's central bank.
The dollar index declined 0.34 percent as investors awaited a Fed statement later on Wednesday.
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AP |
Spot gold hit a record high of $1,092.60 an ounce and was bid at $1,091.05 an ounce, compared with $1,084.50 late in New York on Tuesday.
U.S. COMEX gold futures also hit an historic $1,093.70 in electronic trade, and were later up $7.40 at $1,092.40.
Buying on the back of the IMF's announcement on Tuesday that it had sold 200 tons of gold to India's central bank pushed prices through key technical resistance levels, triggering fresh buying, traders said.
"The market realized... that there are enough central banks which are looking to buy the gold from the IMF direct and so it is not coming into the market, so the shorts had to cover," said Michael Kempinski, a senior trader at Commerzbank.
"We should see $1,100 soon," he said.
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