Gold rallies on Iran tension

April 29, 2006 00:46


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Gold prices rose to their highest level in a quarter-century Friday, boosted by geopolitical tension over Iran's move to continue its uranium enrichment program despite a request to suspend operations by the United Nations. Metals were also boosted by a weakening dollar, as gold is seen as an alternative investment to the US currency, and strong performance by a first-time silver exchange-traded fund. June gold hit a new 26-year high at $658.20 an ounce, before settling at $654.50 an ounce, up $18.20 on the day.

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