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Gold Makes Gains With Equities Down
Friday, 28-Jan-2011 5:54PM United Press International
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NEW YORK, Jan. 28 (UPI) -- Gold prices rebounded Friday, as equity markets plunged and oil prices surged higher due to concerns over chaos in Egypt.

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U.S. markets suffered their biggest losses in two months as investors worried that unrest in Egypt could close the Suez Canal, which represents a critical bottleneck in oil deliveries.

Investors looking for a safe haven pushed gold prices $19.20 higher to $1,339 per troy ounce on the Comex division of the New York Mercantile Exchange.

March contact light, sweet crude oil prices jumped 4.2 percent, adding $3.84 per barrel to $89.48.

The euro fell to $1.3614 from Thursday's $1.3738. Against the yen, the dollar fell to 82.10 yen from Thursday's 82.88 yen.

The dollar fell across the board, dropping to 45.90 rupee from 45.914 rupee. The U.S. dollar fell to 7.788 Hong Kong dollar from 7.7885 HKD. The dollar dropped to 1,115.60 South Korean won from 1,115.95 won.

It also lost ground against the Canadian dollar, the British pound and the South African rand.

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