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Gold prices have risen to an all-time high.
The precious metal surpassed $2,500 an ounce for the first time as factors ranging from a weaker dollar to rising expectations of a US interest rate cut in September boosted demand.
The dollar fell against a range of global currencies, including the pound, as weak US construction figures fuelled hopes the Federal Reserve will cut rates next month.
Concerns about the war in the Middle East also caused investors to look for a safe place for their cash, with gold being a top choice.
One of the Federal Reserve’s interest rate setters said the U.S. economy is showing no signs of overheating, in a sign that rates will be cut.
Chicago Federal Reserve Bank President Austan Goolsbee said: “It is not wise to tighten monetary policy any more than necessary.”
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