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Gold Prices Hit $700 Mark, The Highest Since 1980

Gold prices climbed above the $700 an ounce on Tuesday, the highest since the precious metals all-time high in 1980. Weakness in dollar and the overall momentum in the precious metals prompted prompted fund buying into the yellow metal. 

Gold has risen 37% year to date. The metal broke through the $500 an ounce mark in late November. 

Demand for gold hits record of $53.7 billion in 2005. Identifiable investment demand totaled 600 tonnes in 2005, a 26% rise on the previous year, whilst jewellery demand rose 5% (2,736 tonnes) and industrial demand by 2% (419 tonnes), according the the World Gold Council.

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