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New way to buy gold fuels price rise
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This month¡¯s surge in gold prices to a 25-year high has been partly fuelled by investors buying a relatively new type of gold investment, which has transformed the once complex way of buying the precious metal into a transaction similar to buying shares.
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Gold-backed Exchange Traded Funds, tracker funds that follow the underlying price, have accumulated 429 tonnes of gold, worth $18bn at current prices.
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Almost two-thirds of this was added in the past three months, when the gold price increase has accelerated at its fastest pace in 25 years.
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