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Gold hits new record at $1,300 and silver at 30-year high

Monday, September 27, 2010

"We may see a bit of short-term profit taking, I would say. Of course on a longer-term basis, there will still be an upward trend for gold prices," said Ong Yi Ling, investment analyst at Phillip Futures in Singapore.

"I think by the end of this year, we could look at about $1,350 or even $1,400."

Physical dealers in Singapore noted demand from India, the world's top buyer, despite record prices as the festive season progressed. The auspicious day of Dhanteras, when the country's jewellery shops normally witness the highest gold sales every year, falls in November.

"India is still buying. That's very good," said a physical dealer in Singapore, who trades with India.

U.S. gold futures for December delivery rose $2.2 an ounce to $1,300.3 an ounce, within sight of an all time high at $1,301.60 hit on Friday.


Reported As Samaa

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