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Gold May Gain as Demand Rises on Dollar, Surging Food Prices

Gold, little changed, may climb on speculation demand for the metal as a store of value may grow as the dollar weakens on signs that the U.S. economic recovery has slowed and surging food prices spur inflation concerns.

Gold for immediate delivery traded at $1,205.500 an ounce at 1:58 p.m. Seoul time after gaining 2.1 percent last week, the first weekly advance since June 18. Wheat in Chicago jumped to a 23-month peak last week following Russia’s ban on grain exports, pushing prices for corn, soybeans and rice higher.