Gold, Silver Prices Rally on Demand for Inflation Hedge

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"The major trend is again preparing to assert itself,'' said Dennis Gartman, economist and editor of Suffolk, Virginia-based Gartman Letter. He recommended buying gold.

Gold futures rose the most in three weeks on speculation a weaker dollar and higher commodity prices will boost the appeal of the precious metal as an inflation hedge. Silver also gained.

Crude-oil futures rose as much as 3.2 percent today, and copper jumped to a four-month high. The dollar tumbled as much as 0.7 percent against the euro. Before today, gold climbed 8.1 percent this year, reaching a record $942.20 an ounce on Jan. 30.

"The major trend is again preparing to assert itself,'' said Dennis Gartman, economist and editor of Suffolk, Virginia- based Gartman Letter. He recommended buying gold.

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