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Gold Losses Ground as USA & Europe Bring Good News

February 9, 2012 at 23:53 by Vladimir Vyun

Gold rose today, but erased its gains as news was good both from the United States and Europe, reducing demand for safer assets. In Europe, Greek politicians reached an agreement about measures needed to get the next portion of bailout, reducing fears that the debt crisis will escalate. In the USA, unemployment claims fell from 373,000 to 358,000, more than analysts predicted.

Gold was rallying through whole January, but hit resistance in February. The precious metal was trading sideways for several sessions, moving in a range of about $1,713 to 1,760 per ounce. Development of the situation in Europe will likely be crucial for performance of the metal in a short term. For now, Europe looks a little better than was though previously, but the perception of the situation in the eurozone may change anytime.

Gold spot price climbed from $1,731.40 to $1,746.80, but retreated and traded near $1,732.70 as of 23:42 GMT today on COMEX.

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