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Gold’s record run lifts other metals

posted Nov 21, 2009, 10:08 AM by Yale ReiSoleil   [ updated Nov 21, 2009, 10:11 AM ]
By Chris Flood (FT) -- Gold’s record-breaking run saw bullion breach the $1,150 level this week, helping silver, platinum, palladium and copper reach fresh 2009 highs as investors continued to pour money into commodities.

Barclays Capital said total inflows into commodities this year were approaching $55bn, a record, above the previous peak of $51bn in 2006. BarCap said a more nuanced view of supply and demand fundamentals was returning and that total commodity assets under management would end the year between $230bn and $240bn.

Gold traded at $1,142 a troy ounce on Friday, up 2.1 per cent this week after hitting a record $1,152.74 on Wednesday.

Chinese consumers’ demand for gold reached a record 120.2 tonnes in the third quarter, up 12 per cent on the same period last year as the 60th anniversary of the founding of the People’s Republic of China boosted jewellery sales, the World Gold Council said.

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