Gold Rises Above $650/oz, Seen Bullish In 2007

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Gold rose above $650 an ounce on Tuesday on firmer oil and a slightly weaker dollar, and analysts said it could jump if it holds onto recent gains a bit longer.

Gold rose above $650 an ounce on Tuesday on firmer oil and a slightly weaker dollar, and analysts said it could jump if it holds onto recent gains a bit longer.

Gold broke the $650-an-ounce mark several times last week but profit-taking pushed down prices, which have risen about nine percent since Jan. 5 when it fell to a two-month low...

"The market has been able to consolidate around $650 which should be a solid base. The general positive feeling for commodities over the last couple of days and the ongoing dollar weakness are very supportive for gold," Frederic Panizzutti, Germany-based analyst at MKS Finance, said.

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