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LONDON : The price of gold surged to an all-time high point of 1,136.72 dollars per ounce on Monday, as a weak dollar boosted demand for the precious metal, analysts said.
"Helped by a weaker US dollar, the gold price advanced to a new record-high," said Commerzbank analyst Carsten Fritsch.
At about 1710 GMT, gold surged to the new record level in trading on the London Bullion Market.
The weak greenback lifts gold because it makes dollar-priced assets cheaper for buyers using stronger currencies, which stimulates demand.
Gold also won support from stronger-than-expected growth data in Japan, which is the world's second biggest economy after the United States.
"Gold has resumed its bull run, pushing above 1,130 dollars per ounce as positive economic data from Asia continues to boost investor demand," said analyst James Moore at TheBullionDesk.com.
Japan's economy grew at its strongest pace in more than two years in the latest quarter, smashing market forecasts and extending a recovery from the worst downturn in decades, official data showed Monday.
The nation's economy posted a second straight quarter of positive growth as it emerges from a severe year-long recession on the back of rebounding exports and the government's massive stimulus spending.
- AFP /ls
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