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Gold Rallies, Bulls Still Concerned

April 10, 2013 at 4:19 by Vladimir Vyun

Gold rose today as quantitative easing in developed nations continues to support the metal. Federal Reserve Chairman Ben Bernanke signaled earlier this week that he is not happy with the current economic conditions in the United States. Such comments suggest that the Fed will keep its monetary policy extremely accommodative. The Bank of Japans announced a very aggressive stimulating program last week, continuing with its plans to weaken the yen and revive economic growth.

Bullion trades bear the highest level in a week, but bulls remain concerned. The rally was not enough to erase the recent drop, making it uncertain if the race to the upside will be sustainable. Gold was falling previously on speculations that the US central bank will reduce its easing measures.

Spot price for gold rallied $1.4 (0.09 percent) to $1,586.75 per troy ounce as of 4:14 GMT today.

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