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. Last Updated: 07/27/2016

Gold Price Soars

LONDON -- Gold opened at $312/$315 per ounce in Europe on Monday, $10.20 above Friday's New York close.

The increase followed a strong U.S. close Friday and Asian gains overnight, traders said.

Friday's announcement from Canadian miner Placer Dome that it was suspending its hedging program sparked a sharp increase in the price.

But analysts said gold had begun to rise ahead of the Placer news because of concern about the long bond exposure of some U.S. banks and the increasing likelihood of inflation in the U.S following the drop in the unemployment rate to 4 percent.