Weak dollar, high oil prices boost gold to record in Asia

02/29/2008 | Bloomberg

Record oil prices and a weakening dollar sparked demand for gold, boosting it to a record in Asia as investors seek a hedge against inflation. "The U.S. dollar is falling precipitously and that's a major boost for gold," said Wallace Ng, Fortis Bank's chief trader for precious metals in Asia Pacific. "We saw funds continue to pile into gold."

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