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Gold Ends Friday with Gains

October 25, 2014 at 4:53 by Vladimir Vyun

Gold ended Friday with gains thanks to negative housing data from the United States. US new home sales were little changed at the seasonally adjusted annual rate of 467,000 in September, while analysts counted on an increase to at least 473,000. The report cooled hopes for an early interest rate hike from the Federal Reserve.

Gold often trades inversely to the dollar. On Thursday, positive US data bolstered the US currency, pushing bullion lower. On Friday, the situation was opposite as market participants were fleeing from the greenback to alternative investment options.

According to the CFTC Commitments of Traders, the number of long contracts by hedge funds increased, while the number of short bets was falling.

December futures for delivery of gold ticked up 0.2 percent to settle at $1,231.80 per ounce on COMEX. Prices were still down 0.6 percent over the week.

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