Gold Falls Below $650 But Seen Rebounding

Source:

Gold eased on profit-taking on Friday but dealers said a recovery in oil might push the metal beyond its recent five-month high of $654 an ounce.

Gold eased on profit-taking on Friday but dealers said a recovery in oil might push the metal beyond its recent five-month high of $654 an ounce.

"While gold continues to generate some upside momentum of its own, the metal is still seeing a correlation to oil, leaving the metal vulnerable short-term to fluctuation in the energy sector," James Moore, analyst at TheBullionDesk.com, said.

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