Gold Gains but Range-Bound; Awaits U.S. Jobs Data

Source:

Gold gained ahead of U.S. jobs data on Friday, but lagged behind other key financial markets as investors remained cautious after a heavy sell-off last week.

Gold gained ahead of U.S. jobs data on Friday, but lagged behind other key financial markets as investors remained cautious after a heavy sell-off last week.

"Gold is lagging the oil market and the base metals market because people are wary about paying too much for gold because the market is still very long," said David Holmes, director of precious metals sales at Dresdner Kleinwort.

"They are reluctant to push it too much on the upside for fear of attracting profit-taking or further long liquidation. The market feels fairly rangebound for the next week or so, perhaps within a bigger range."...

Gold has rebounded as much as 3.7 percent this week since hitting a six-week low of $632.30 on Tuesday...

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