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Gold prices benefited from overnight advances in most commodities and a lift in the global equity markets. The precious metals were advancing on the back of a much softer (down 0.42 on the index) US dollar and on the strong rise in crude oil values. Far from being a rise that should be interpreted as calling the Fed's bluff, these rallies actually reflect the fact that speculators are taking the Fed's pronouncements more like gospel - at least as regards economic growth and the blessing of the return to risk appetite.
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