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05-May2011

Gold Extends Losing Streak Despite Wilt In US Dollar

Gold prices extended their losing streak for yet another session on Wednesday, as investors continued to trim down their positions from the commodity as weakness in crude oil prices prompted selling pressure. The yellow metal investors shruged off volatile American greenback which hit a two and half year low level and reports of an official $116 billion bailout for Portugal.

Gold futures for June delivery plummeted by $26.40 to settle at $1,514.10 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices eased by $23.30 to $1,514.25 an ounce.

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