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silver up 25 percent in 2 months outpacing gld

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    Gold, Silver Prices Climb in N.Y. on Demand for Inflation Hedge

    By Pham-Duy Nguyen

    Feb. 26 (Bloomberg) -- Gold futures rose on speculation a weakening dollar and the surging cost of raw materials will boost demand for the precious metal as a hedge against inflation. Silver jumped 3.5 percent.

    The dollar neared a record low against the euro after reports showed U.S. home prices tumbled and consumer confidence sank to a five-year low. Another report showed U.S. producer prices last month jumped more than forecast. Gold rallied 31 percent in 2007 as the Federal Reserve cut interest rates, while commodity costs rose the most since 1990.

    ``Inflation is here,'' said Marty McNeill, a trader at R.F. Lafferty Inc. in New York. ``This should help gold in the long run. The Fed's priority is to save the financial system and forgo looking at inflationary pressure now.''

    Gold futures for April delivery climbed $8.40, or 0.9 percent, to $948.90 an ounce on the Comex division of the New York Mercantile Exchange. Earlier, the price fell as much as 1.2 percent. The most-active contract reached a record $958.40 on Feb. 21.

    Silver futures for March delivery jumped 63.5 cents to $18.72 an ounce. The price earlier reached $18.77, the highest since December 1980. Silver gained 25 percent this year, and gold climbed 13 percent.


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    DYOR
 
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