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Oil Tops $122 Per Barrel, Gold Hits Another Record

By Leah Schnurr – NEW YORK – Prices of spot gold notched a record high on Tuesday as a downgrade of Portugal’s debt stirred a bid for safety, while Brent crude ended above $122 a barrel, at a 2-1/2 year high.The rise in oil prices on unrest …

By Leah Schnurr – NEW YORK – Prices of spot gold notched a record high on Tuesday as a downgrade of Portugal’s debt stirred a bid for safety, while Brent crude ended above $122 a barrel, at a 2-1/2 year high.

The rise in oil prices on unrest in oil-exporting countries overshadowed another interest rate hike from China and fed inflation fears, which supported gold prices. Spot gold rose to a record high above $1,450 an ounce.

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