Gold jumps, tagging on $34.90

Sept. 7, 2012 at 6:39 PM

NEW YORK, Sept. 7 (UPI) -- Gold gained sharply Friday on the Comex division of the New York Mercantile Exchange, as the dollar index dropped 1.17 percent.

Gold gained for the fifth consecutive trading session, adding $34.90 to $1,740.50.

Gold is finding support from the weaker dollar and from anticipation of a third round of quantitative easing, which many expect the U.S. Federal Reserve to announce Thursday.

Silver also rose, gaining $1.06 to $33.69 per ounce.

The Canadian dollar rose against the greenback to 97.85 cents and the British pound rose to $1.6009. The euro reached $1.2816, while the dollar fell to 78.24 yen.

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