Gold Eyes $700

Source:

Rising security concerns, higher oil prices and inflation worries may propel gold prices towards $700 an ounce over the coming days, analysts said on Friday.

Rising security concerns, higher oil prices and inflation worries may propel gold prices towards $700 an ounce over the coming days, analysts said on Friday.

Spot gold was higher at $676.70/$677.40 an ounce by 1120 GMT from $676.60/$677.30 late in New York on Thursday. Earlier this week the precious metal hit a nine-month high of $682.10 and since January 5 it has gained about 12 percent.

Traders expect initial resistance at $688.50, the highest since May 19 before the key psychological level of $700.

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