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Gold Ends Session with Gains, Copper Retreats After Rally

December 24, 2013 at 23:32 by Vladimir Vyun

Gold prices rose today as physical buying intensified after the recent big losses. The conflict in Sudan also helped the metal to gain due to demand for a safe haven. The precious metal still remains in a bear mode, making 2013 a very bad year for gold bulls. February futures for delivery of gold rose $6.3 (0.53 percent) to $1,203.3 per troy ounce on COMEX today.

Copper rallied on yesterday’s trading session, but fell a little today. The rally followed injection of liquidity by China’s central bank and the drop of inventories monitored by the London Metal Exchange. China is the biggest consumer of the industrial metal. Yet copper retreated somewhat, perhaps because positive economic reports from the United States resulted in speculations that the Federal Reserve will continue with its stimulus reduction. March contract for copper lost $0.002 (0.06 percent) to $3.372 per pound on the current trading session after rising 0.5 percent on the previous session.

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