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20-Apr2011

Gold Continues To Hit Record Highs For Fifth Straight Session

Gold prices continued to hit record high levels for the fifth straight sessions on Tuesday, but settled just shy of $1,500 an ounce level for the second successive day. The yellow metal prices shot up as investors came running to take shelter under the safe haven after S&P`s revision of US outlook to negative and its warning to cut the prized AAA rating while the wilt in US dollar too supported the downside in the later part of the session. However, some position squaring amid improvement in risk appetite of the investors pared initial gains partially and trimmed the gains in bullion prices.

Gold futures for June delivery added $2.20 higher to $1,495.10 an ounce, after hitting the highest level of $1,500.5, on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices eased $1.20 to $1,494.70 an ounce.

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