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Gold rises to 8-week high
Published in The Saudi Gazette on 03 - 02 - 2012

Gold extended gains on Thursday, rising to its highest level in nearly two months, as the euro firmed on upbeat global manufacturing data and expectations that a Greek debt deal to avoid a messy default was close at hand.
Investors are now eyeing the release of US weekly jobless claims data to gauge the health of the world's largest economy, after higher January factory activity was reported for China, the United States and Germany.
Gold added $4.74 an ounce to $1,748.44 an ounce by 0246 GMT, having earlier risen to a high of $1,751.30 an ounce, its strongest since December 8. Gold remains below a lifetime high around $1,920 an ounce hit last September.
“Our near-term upside target is $1,780. We think that's going to be taken out within the next six weeks or so,” said Nick Trevethan, a senior commodity strategist at ANZ in Singapore.
“But we remain cautious about end of the quarter fund redemptions, particularly equity redemptions which have linkages to gold. Those funds, we believed, caused the sharp downturn in gold at the end of Q3 and Q4.”
US April gold has risen $2.40 to $1,751.90 an ounce. Newcrest Mining, the world's no.3 gold producer,
expects the price of gold to trade between $1,500 and $2,500 an ounce in the years ahead, Chief Executive Greg Robinson said at a business lunch.
Shares in Asia and the euro rose on Thursday as global manufacturing data soothed fears about economies deteriorating amid the debt crisis in Europe, while falling European debt yields also improved sentiment.
Greece's prime minister will call the country's political leaders in the next few days to seek backing for more austerity after the International Monetary Fund warned this was key to securing the new bailout Athens needs to avoid a messy default.
“The gold market has been wobbling around the Greek situation ... will they, won't they find the solution? Until then, gold is likely to remain volatile,” said Trevethan at ANZ.
The recovery in risk appetite weighed on the dollar, pushing its index measured against key currencies down 0.2 percent after it dropped to an eight-week low on Wednesday.


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