Gold surpassed $1400 in late Asian and London trade yesterday, holding this level and adding another $15 in New York trade overnight. Gold has benefited this week by markets being spooked by the Japan's stock market selling off in erratic fashion, with the leading Nikkei index down 5% yesterday and roughly 15% for the week. Also weaker than expected economic data released in the US has given more confidence to the market that Uncle Ben ain't going to stop printing money anytime soon, which has then fed into a weakening US$.
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