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Wednesday, July 11, 2012

Spot Gold After Posting Its Biggest One-Day Decline


Spot gold firmed on Wednesday, after posting its biggest one-day decline since late June as a meeting of euro zone finance ministers disappointed some investors looking for more progress on resolving the region's debt crisis. 

Gold has been under pressure from a dollar rally in recent weeks, with uncertainty over whether the U.S. Federal Reserve will launch a third round of quantitative easing, known as QE3, keeping gold bulls on edge. 

"Gold will probably remain rangebound. Without QE3, the pressure on the upside stays," said Peter Fung, head of dealing at Wing Fung Precious Metals in Hong Kong, adding he saw it trading in a range of $1,550-$1,600. 

Fung said there was fresh buying interest from China on gold's slide overnight and that most investors were likely to stick to a buy-on-dips and sell-on-the-rally strategy as prices drift without a clear direction. 

Spot gold gained 0.4 percent to $1,574.50 an ounce by 0249 GMT, after losing 1.4 percent on Tuesday. The U.S. gold futures contract for August delivery edged down 0.3 percent to $1,574.80. 

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