Gold Moves Past $780 an Ounce

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Bullion is up for the fourth straight day. Gold prices have added more than $22 since the opening of Tuesday's trading.

Gold soared past the $780 an ounce mark on Friday in U.S. trading as crude oil reached record highs and the dollar reached record lows. December gold traded at $780.20, up $9.20 on the session. Bullion reached as high as $782.70, a 27-year high, earlier in the morning.

Bullion is up for the fourth straight day. Gold prices have added more than $22 since the opening of Tuesday's trading. On a longer-term basis, the precious metal has been trending higher since mid-August.

...Oil prices surged past the $90 a barrel mark, increasing gold's hedge value. Crude topped the $92 mark in electronic trading for the first time ever. Oil has been rising rapidly since July on supply concerns and turmoil in the Middle East.

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