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Gold Rises As Dollar Slides

Gold futures nudged higher Tuesday as the U.S. dollar weakened against the euro.

Traders were keeping a close eye on Europe, where a region of Spain threatens to break away from the nation. Also there is speculation that the European Central Bank may consider reducing its asset purchase program.

Gold was up $8.80 at $1293.90 an ounce, the highest in two weeks.

The dollar has dropped to a 1-week low of $1.1810 against the Euro Tuesday afternoon, from an early high of $1.1740.

Germany's export growth accelerated sharply in August, suggesting that activity in the biggest euro area economy revved up after a brief summer lull, despite a strong euro.

Exports grew a calendar-and-seasonally adjusted 3.1 percent from July, when they rose 0.2 percent.

Imports also rose for a second month running, up 1.2 percent in August after 2.4 percent growth in July.

The trade deficit widened to EUR 21.6 billion from EUR 19.3 billion in July. Economists had expected EUR 19.5 billion shortfall.

by RTT Staff Writer

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