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19 June 2010

Gold Price Settles at Record High

Investors fleeing to Gold pushes the yellow metal prices to new records in London trade on Friday.

The Gold price in London hit a record high of $1256 at the afternoon fix on Friday as investors moved further into the yellow metal. While the Financial Times reported that SPDR Gold Trust, the biggest Gold Exchange Traded Fund, reached a record high of 42.05m ounces, an increase of more than 7% over the past month.

On, the recent Gold Price run up has caused some sellers with fixed price bullion, to become caught out with bullion for sale at negative price premiums, which has been gratefully snapped up by bargain hunting buyers .

On Saturday fixed price Gold inventory was significantly depleted with 1 ounce bars were trading at 13.27% over fix.

In previous occasions where Gold has reached records, auction buying has remained subdued while buyers wait to see if Gold retraces to add to their stocks of precious metal.

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