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Gold Posts Weekly Gain Despite Friday’s Loss

November 10, 2012 at 3:19 by Vladimir Vyun

Gold fell yesterday as poor macroeconomic data deterred speculators from investing in commodities. Yet the precious metal gained over the week on hopes that stimulus measures will increase appeal of the metal as an inflation hedge.

Germany’s inflation growth stalled last month. France’s gross domestic product may fall 0.1 percent in the third quarter of this year, driving France into recession, according to the Bank of France. The unfavorable fundamentals drove gold down.

Yet expectations of stimulus in developed nations allowed gold to post weekly gain despite the Friday’s drop. Additionally, the festival season in Asia is nearing and it should also boost demand for the precious metal. Demand from India may rise 15 percent, according to analysts.

Gold dropped from $1,733.51 to $1,731.22 per troy ounce on COMEX yesterday. Over the week, the metal rallied from 1,679.48.

If you have any questions and comments on the commodities today, use the form below to reply.

One Response to “Gold Posts Weekly Gain Despite Friday’s Loss”

  1. John

    I’m really looking forward to seeing where the gold price goes in the medium term. I really feel it is going to exceed its all time high with all these problems we have in the global macro-economy. Watch out for soft commodities too as they are going to go up up up.

    [Reply]

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