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Friday, February 18, 2011

A Chinese gold standard?

Higher consumer prices in the U.S. and unconfirmed reports that China is seeking to beef up its currency, the yuan, by backing it with gold bullion helped move gold prices higher Thursday.

Gold for April delivery gained $10 to settle at $1385.10 an ounce at the Comex Division of the New York Mercantile Exchange. The spot gold price was adding $8.50, according to Kitco's gold index.

Silver prices closed up 94 cents to $31.51, settling above the $31.50 resistance area the metal's highest level in 25 years -- which could be a green light for bullish silver traders headed into Friday.

Leading today's charge was news that year-over-year domestic inflation grew to 1.6%. Excluding food and energy prices, the Consumer Price Index was still up 1% on the year. Although still below the Federal Reserve's 2% inflation target rate, the surge was enough to prompt traders to buy gold and silver as an inflation hedge.

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