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Gold Climbs on Rising Physical Demand

April 25, 2013 at 22:39 by Vladimir Vyun

Gold climbed today as falling prices led to rising physical demand. Sales of gold coins by the US Mint were heading to the highest level since December 2009. Sales totaled 196,500 ounces since the beginning of this month as of yesterday, jumping from 62,000 ounces in March.

Prices have posted the biggest drop in 33 years last week. Physical buyers stepped in after investment demand waned and bullion price slumped. It is questionable if coin and jewelry demand will be able to counter the negative traders’ sentiment. There will be quite a few meetings of central banks next week, including the Federal Reserves’ and the European Central Bank’s ones, and they may affect gold strongly.

June futures for delivery of gold advanced $4.4 (0.3 percent) to $1,466.40 per troy ounce as of 22:35 GMT on COMEX today.

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