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Gold surged on Tuesday, touching above $1,200 per ounce for the first time, as a weaker dollar boosted the hedge attraction of the precious metal.
December-dated gold rose to $1,199.10 per ounce, up $18 on the session. Prices earlier reached a record intraday high of $1,202.70.
The dollar dropped toward last week's 16-month low versus the euro and also slipped versus the sterling. The buck saw weakness as the Reserve Bank of Australia has raised the benchmark interest rates for the third straight time, as expected.
Traders turned toward higher-yielding currencies amid restructuring talks between Dubai World and major banks that have eased worries over the Dubai credit crisis.
Traders also pondered a barrage of economic reports shortly after the stock markets opened. The U.S. Commerce Department revealed Tuesday that construction spending was basically flat in October, coming in at $910.77 billion, compared to $910.37 billion in September.
The National Association of Realtors said its pending home sales index rose 3.7 percent to 114.1 in October from 110.0 in September, rising to its highest level since March of 2006. The continued increase came as a surprise to economists, who had expected pending home sales to edge down by 1.0 percent.
The Institute for Supply Management manufacturing index came in at 53.6 for November. A reading of 54.8 was expected, compared to a 55.7 in October.
The ADP employment report is due at 8:15 a.m. ET, kicking off a string of key jobs reports this week.
At 9:30 a.m. ET, Treasury Secretary Tim Geithner is scheduled to testify before the Senate Agriculture Committee on OTC derivatives in Washington.
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