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article imageGold reaches record high of $1,200

By Andrew Moran     Dec 1, 2009 in Business
Last week, gold was trading just below $1,200USD and then contracted to $1,186 but on Tuesday morning gold hit the $1,200 mark.
On Tuesday morning, gold hit a record high by hitting just above $1,200USD amid fears of inflation and a weak United States Dollar. Investors are also speculating that gold is going to go a lot higher in terms of its value, according to CNBC.
Investors like Jim Rogers, Chairman of Rogers Holdings, and Peter Schiff, President of Euro Pacific Capital see gold going to at least $2,000 but Schiff believes it will go to much higher lengths such as $5,000.
Currently, the US Dollar Index is trading at 74.8 points, reports FX Street.
Digital Journal reported last week that India may buy more gold from the International Monetary Fund, which sent gold even higher after the report was released. Since India bought 200 tons of gold last month, the government of India has profited at least $800 million.
At the present moment, gold is trading at $1,199.30
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