Gold Extends Gains Amid Strengthening Oil Prices

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Gold extended yesterday's gains as traders overlooked continued strength in the dollar and took comfort instead from strengthening oil prices.

Gold extended yesterday's gains as traders overlooked continued strength in the dollar and took comfort instead from strengthening oil prices.

At 11.01 am, spot gold was quoted at 652.80 usd an ounce, up from the 650.50 usd level seen in late New York trades yesterday. "Gold has rallied back above 650 usd this morning, and continues to see scaled-down support as firm oil prices generate concerns about inflation," said TheBullionDesk.com analyst James Moore.

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