Race for Lower Exchange Rates Boosts Gold

The market development yesterday was particularly positive for gold, sending it to a record high for a second time in 3 days. Government officials from Japan, the US and Switzerland explicitly opted for currency depreciation. US Treasury’s pledge to push China for trade and currency reform while the SNB said that strong appreciation in the Swiss franc would result in a marked slowdown in growth in 2H10 and 2011.

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Race for Lower Exchange Rates Boosts Gold