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Market Chatter: Gold Seen Extending Rebound as Cyprus Revives Bulls

"Gold traders are becoming more bullish as concern mounts that a worsening of Europe's debt crisis will spur demand for a protection of wealth at a time when nations from the U.S. to Japan are signaling more stimulus," Bloomberg reported.

It said: "Sixteen analysts surveyed by Bloomberg expect prices to gain next week, while seven were bearish and two were neutral. That's the highest proportion of bulls since March 8."

"Prices reached a three-week high of $1,617.07 an ounce this week as Cypriot lawmakers rejected an unprecedented levy on bank deposits that had been proposed in return for external aid. The metal is down 3.9% this year in London after 12 straight annual gains, the best run in at least nine decades."

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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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