Gold Hits Fresh 27-Year High Amid Ongoing Dollar Woes

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"Gold looks set to test higher today as the dollar remains under pressure and rising energy costs increase inflationary concerns," said TheBullionDesk.com analyst James Moore.

Gold rallied to a fresh 27 year high as the dollar languished near a record low against the euro and as oil prices rose to a new all time high in London.

"Gold looks set to test higher today as the dollar remains under pressure and rising energy costs increase inflationary concerns," said TheBullionDesk.com analyst James Moore.

Gold rose to 739.60 usd an ounce - extending last Friday's 27-year peak of 739.50 usd - before retreating to 739.35 usd at 9.38 am. In late New York trades yesterday, the metal was quoted at 734.50 usd.

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