NY Gold Surges as US Dollar Falters

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Technically, gold has been drawing buying interest since spot metal broke up through resistance around $666 earlier this spring, said Peter Grandich,analyst and publisher of the Grandich Letter.

Fund buying after the dollar hit two-year lows enabled gold and other precious metals to close higher Friday, traders and analysts said.

June gold rose $10.20 to $689.90 an ounce on the Comex division of the New York Mercantile Exchange. Around the time pit trade was closing, the June contract at the Chicago Board of Trade was up $9 to $688.80...

Technically, gold has been drawing buying interest since spot metal broke up through resistance around $666 earlier this spring, said Peter Grandich,analyst and publisher of the Grandich Letter.

"It has attracted a combination of additional fund buying and very strong physical buying," he said. "At the same time, we're seeing the continuing death march of the U.S. dollar."

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