Gold lost some of its earlier momentum
to snap a seven-day winning streak Wednesday, unable to defend its first
foray above $1,300 an ounce since August.
Gold for February delivery relinquished
its earlier high to dip 50 cents to settle at $1,293.70 an ounce after
settling at its highest price in five months.
Despite Wednesday™s retreat, the precious metal is still up about 9% year to date.
March silver futures meanwhile, advanced 24 cents, or 1.3%, to $18.19 an ounce in electronic trading.
Gold™s recent rally was fueled by
investors seeking havens amid ongoing troubles in Ukraine, political
uncertainty in Greece, turmoil triggered by the Swiss National Bank, and
some bargain hunting on the heels of depressed prices at the end of
2014.
Source : MarketWatch
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