Commodity Blog

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Gold Rallies by Weekend, Ends Week with Big Loss

April 20, 2013 at 3:56 by Vladimir Vyun

Gold rallied by the weekend on hopes for growing jewelry demand. Analysts hope that low prices will attract buyers in India. Some experts even think that the metal has not much space to fall and should inevitably bounce to previous highs.

Gold still lost 7 percent of value during this week, making it dangerous to assume that the current rally is anything but a bounce on a bear market. Most other commodities also performed poorly this week. The Standard & Poor’s GSCI Index of raw materials slumped as much as 2.5 percent, posting the third weekly decline.

June futures for delivery of gold rallied $3.10 (0.22 percent) to close at $1,395.60 per troy ounce on COMEX yesterday.

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