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0 Gold may reach new high amid fears of double-dip recession

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The gold price could smash new records as investors pile into bullion on fears of a worsening economic outlook. The spot price today flirted with the all-time high of $1,264.90 (£838.93) reached last week. "Debt on government balance sheets and worries that the world could be heading towards a double-dip recession are driving the gold price higher," says Charles Cooper at Oriel Securities. The World Gold Council (WGC) says gold is being buoyed by interest across the board: private investors are buying increasing quantities of gold coins and bars, shareholders are deepening their exposure to gold-mining companies and central banks are buying bullion on the open market.

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