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WGC data shows support for gold

The latest figures released by the World Gold Council (WGC) have shown a continued demand for gold amid good prices and declining supplies.

Prices for the precious metal during the first quarter of 2008 were found to be well above the average for the same period in 2007, which was $666 per ounce.

This could encourage gold investment as it provides an illustration of the metal's use as a hedge against inflation.

It was also stated that the amount of gold produced by mines has continued to stagnate, amounting to only 593 tons.

Natalie Dempster, investment research manager for the WGC, said: "The combination of rising inflation and price expectations, a weakened dollar and increased concerns about systemic risk in the financial sector have all pushed gold higher again. In effect, a host of factors are contributing to long-term price support for gold."

Established in 1987, the WGC is an organization formed and funded by the world's leading gold mining companies.

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