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News Link • Gold and Silver

A Trader Explains Why Gold Spiked

•, Mamta Badkar

Gold futures surged over 1.2 percent to $1,749.70 today, on dollar weakness.

"Gold rallied on the backdrop of a weaker dollar and money moving into a broad range of risk assets," said John Netto, New York based futures trader and President of M3 Capital . "The move higher in gold was also aided when it broke through a key technical resistance level and triggered a wave of buying."

This chart shows the spike in gold futures:

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