Gold Advances as Lowest Prices in Almost Six Weeks Fuel Investment Demand: report
Gold gained for the first time in four days in New York as some investors bought the metal after its drop to the lowest level in almost six weeks, according to Bloomberg.
It said bullion slipped 1.9% yesterday as the dollar strengthened and commodities slid on concern slower growth will cut demand. The dollar was little changed versus the euro today before tomorrow's deadline for a Greek bond exchange needed for the nation to receive a second aid package.
Gold for April delivery gained 0.5% to US$1,680.30 an ounce by 8 a.m. on the Comex in New York. It fell to US$1,663.40 yesterday, the lowest since Jan. 25. Bullion for immediate delivery rose 0.4% to US$1,680.20 in London.
Bullion dropped below its 200-day moving average yesterday for the first time since mid-January. Falling below the measure, currently at about US$1,674, can be a bearish signal to some investors who study charts. Prices are up 7.2% this year and holdings in gold-backed exchange-traded products rose 0.4 metric ton to a record 2,406.3 tons yesterday, data compiled by Bloomberg show.
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