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Thursday, November 1, 2012

Gold traded flat on Thursday


Gold traded flat on Thursday, shrugging off data showing China's economy was perking up, as investors waited on the sidelines of the market for US employment data due on Friday.

Gold had climbed to near USD 1,800 an ounce in early October after aggressive stimulus measures announced by central banks including the US Federal Reserve and European Central Bank fuelled a rally.

But the momentum fizzled, and gold has been stuck in a narrow range in recent days as investors stayed put ahead of the release of the US nonfarm payrolls data on Friday, and the presidential election next week.

Gold barely moved after data was released to show that China's economy is finally regaining traction, although the recovery remains sluggish.

"The reason for gold to rise is uncertainty. If PMI numbers rise, that adds to confidence to the market, which is probably negative to gold," said Jeremy Friesen, commodity strategist at Societe Generale in Hong Kong.

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