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26-Apr2011

Gold Extends Record Breaking Rally To Seventh Straight Session

Gold prices extended the rally to the seventh consecutive session on Monday, as depreciation in American greenback and uncertainty ahead of the Fed`s latest meeting on interest rates send investors under the safe haven refuge. The yellow metal prices also got a lift from escalating geopolitical tensions in the Middle East and North African nations which underpinned crude prices thereby stoking up global inflation.

Gold futures for June delivery rose 0.35% higher to $1,509.10 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices advanced $2.7 to $1,507.40 an ounce.

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