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News // Metal market

Gold Rose Following Oil Prices

28 July 2008 , 09:231284
Gold extended gains on Monday, regaining its appeal as a hedge against inflation, as oil prices bounced from a seven-week low and encouraged some investors to put their money back into bullion.

Gold rose to $930.20/931.10 an ounce from $927.40/929.40 late in New York on Friday, when it moved in volatile $16 range. Gold was above last week's two-week low of $915.80 an ounce.

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