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Friday, August 10, 2012

Gold Had Fallen 0.24 Percent


Gold had fallen 0.24 percent to $1,613.26 an ounce by 0647 GMT, having risen slightly on Thursday on hopes for stimulus measures by China after data showed factory activity had slowed unexpectedly. Uncertainty over whether the U.S. Federal Reserve and European Central Bank will also take steps to boost their economies has deterred a stronger move in gold prices, and bullion remains way below last September's record high around $1,920 an ounce.

"We have previously noted our concern that gold prices seem reluctant to move out from their $20 comfort zone centered on $1,610 and the risk is of a retest of the lower end," said Nick Trevethan, senior commodities strategist at ANZ in Singapore.

"Otherwise, bullion looks set to mark time until the Federal Reserve symposium at the end of the month, and to see how the ECB intends to address the crisis in Europe."

"We still maintain our mildly positive bias for gold, with a test of the resistance band between around $1,618 to $1,630 possible, but in our view unlikely to succeed," he added. Spot gold could revisit its August 8, low of $1,602.94 per ounce as it has not broken resistance at $1,618, said Reuters analyst Wang Tao.

Asian shares snapped a four-day rally on Friday and extended losses after China's July trade data fell far short of expectations, but downbeat Chinese economic data has kept hopes alive that Beijing will do more to bolster growth.

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