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COMMODITY WRAP: Gold Rebounds in New York, Heads for 11th Annual Gain, says report

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Gold rebounded in New York, extending an 11th annual gain, on speculation prices at a five-month low will spur demand from jewelers and investors, Bloomberg reported.

It said bullion fell 4.8% over the previous six sessions to the lowest level since July 7 as gains by the dollar against the euro curbed demand for the metal as an alternative investment. Jewelry usage in India, the world's biggest buyer, rose 12% in 2011's first quarter from a year earlier, according to World Gold Council figures.

Gold futures for February delivery climbed 1.8% to US$1,568.40 an ounce on the Comex in New York by 7.59 a.m., ending the longest slump since March 2009. Prices are up 10% this year.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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