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Gold Prices Raise the Bar, Set New Record


Gold Prices Raise the Bar, Set New Record
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Concerns about the falling value of the U.S. dollar and an economic recovery are pushing gold prices to new highs.

The price of gold hit $1,067.60 an ounce in New York on Tuesday, topping the previous high set last Thursday.

Since gold is traded in dollars, the U.S. currency's recent decline has made gold more attractive to investors holding stronger currencies.

People traditionally buy gold during difficult economic times because they think it will hold its value better than other investments.

Gold prices have risen almost 20 percent this year.

Some information for this report was provided by Reuters.