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Go for the Gold

The dollar index, which measures the greenback against six major currencies, fell 0.8 per cent to a record low of 77.66 on Friday. The index has fallen 5 per cent since mid-August.

For the seventh straight day, the euro set a record high against the dollar, rising to $1.4278. Alan Ruskin, chief international strategist at RBS Greenwich Capital, said central banks would express concern if the dollar “quickly approaches $1.45 against the euro”.

gold.jpgGold prices rose to $752.80 an ounce, the highest price since January 1980.

Robust consumer spending and lower inflation last month could not stop the dollar’s slide.

The core personal consumption expenditure index, which excludes food and energy, rose at an annual rate of 1.8 per cent in August, after a 1.9 per cent rise in July. It was the lowest rate since February 2004 and below the Fed’s 2 per cent ceiling.

Spending adjusted for inflation grew at its fastest pace of the year at 0.6 per cent last month, up from a 0.4 rise in July, according to the commerce department.

Source: Yahoo News


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