Saturday, 17 December 2011

Gold Ends Up, Sets Biggest Weekly Drop in 3 Months

A weakening dollar and short covering drove investors back into gold on Friday, lifting prices to end a sharp four-session pullback that still yielded the biggest weekly decline in almost three months.
Spot gold rallied as much as 1.7 percent to $1,600.49 per ounce, and steadied at $1,596.40 by 4 p.m. EST (2100 GMT,) up from a near 3-month low at 1,560.36 hit in the previous session.
U.S. gold rose 1.31 percent to close at $1,597.90 per ounce, after hitting a high at $1,598.10 per ounce.
David Lee, metals trader at Heraeus Precious Metals Management in New York said he thought gold's push higher on Friday was a function of the yellow metal being temporarily oversold after its nosedive from levels above $1,750 last week

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