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Tue 27 Jan 2009 10:39 AM

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Gold prices hit 3-month high on recession fears

Precious metal bullion exceeds $900/oz on Jan 23 for the first time since Oct.

Driven by fears of intensifying global recession, investors raised their holdings in gold – pushing prices to a three-month high, on Monday.Bullion exceeded $900 an ounce on January 23 for the first time since October, propelling gold holdings in exchange-traded funds (ETFs) to record highs.

Speaking to newswire Bloomberg, Wolfgang Wrzesniok-Rossbach, head of marketing and sales at German firm Heraeus Metallhandels GmbH said:  "All the comments you read about the economy are negative. There's definitely safe-haven buying." He expects the trend to continue".

Gold for immediate delivery rose 1.1 percent to $909.28 an ounce and traded at $903.84 by 5.04pm, UAE time.

February futures rose  $6.10, or 0.7 percent, to $903.80 in electronic trading on the Comex division of the New York Mercantile Exchange, Bloomberg reported.

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