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Gold Inching Back Toward $1200

Gold prices edged higher Wednesday morning, moving further from a recent 11-week low thanks to safe haven appeal and a weaker dollar.

Concerns about the global economy and weaker stocks are turning attention to gold as an alternative investment.

Gains have been capped, however, by uncertainty about the timing of a likely rate hike by the Federal Reserve.

Gold was up $8 at $1188 an ounce on the New York Mercantile Exchange.

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