Gold Recovers fom Six-Day Losing Streak

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TheBullionDesk.com analyst James Moore pointed to the recovery in the yen, physical buying and steadier global equity markets as lending support to gold today.

Gold recovered from a six-day losing streak that sent the metal to six-week lows in Asia earlier, as traders took comfort from signs of a modest recovery in global equity markets.

At 11.57 am, spot gold was quoted at 645.40 usd an ounce, up from the 637.50 usd level seen in late New York trades yesterday. Earlier in Asia, the precious metal fell to a six-week low 632.30 usd...

TheBullionDesk.com analyst James Moore pointed to the recovery in the yen, physical buying and steadier global equity markets as lending support to gold today.

He added, however, that "investors are likely to remain cautious before establishing fresh longs, and (gold) may have to suffer further weakness before forming a solid base from which to challenge 700 usd".

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