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Gold prices rose on Wednesday morning in Asia, driven by the ongoing currency crisis in Argentina, which economists expect could lead to a recession, a weaker peso and higher inflation.

A monthly survey by Bloomberg on Tuesday showed that Argentina’s inflation is expected to hit 40.3% at the end of the year, higher than the 31.8% forecasted in July. The peso is expected to be trading at 41.9 against U.S. dollar by end of this year, much weaker than the expected rate of 30.5 anticipated during a July survey. The peso has plummeted 52% against the dollar this year.