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0 Saudi move may fuel gold rally

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But, now it has emerged that even Saudi Arabia has been hoarding gold for the past year and its reserves have gone up substantially. The revelation could fuel gold’s rally as it is a further sign that central banks are keen on gold, after two decades of selling their bullion. Gold prices hit a nominal record high above $1,260 a troy ounce on Friday. Adjusted for inflation, however, bullion is still a long way from its all-time high of more than $2,300 in 1980.

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