Gold Prices Hit Record High on Economic Worries
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Gold futures settled at a record high of $2,095.70 an ounce on Friday, boosted by weakness in some U.S. economic data.
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The record settlement was driven by tamer U.S. inflation data, a slightly weaker dollar, and falling Treasury yields.
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Gold prices drew support from strong Asian buying, primarily from China, though Western buying has been largely absent.
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The latest ISM manufacturing data showing continued contraction lit a fuse under gold prices.
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Analysts say negative sentiment around gold persists despite near record prices, indicating the gold rally may have much further to go.