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Gold hits new record price
The price of gold hit a new all-time record overnight owing to rebounding oil prices, a weak dollar and geopolitical tensions, traders said.This morning spot gold was trading at $US878.40 an ounce and had passed the $US900 mark in long-term futures contracts in New York.
Gold is seen as a defence against inflation, which in many countries is driven by runaway crude prices.
The precious metal is also seen as a safe haven amid global unrest, which on Tuesday was being fuelled by tensions between Iran and the United States.
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