Gold Gains in Europe, Targets $700-Mark

Source:

"The market is just building a base around here, trying to gain some strength for the next move higher and break $700, but definitely we would need some catalyst," Frederic Panizzutti, metals analyst at MKS Finance, said.

Gold drifted higher on Tuesday to trade below an 11-month high and analysts said the metal may test $700 an ounce on a weaker dollar outlook and firm oil.

...Gold rose to $689.90/690.40 by 0946 GMT after falling to 685.20 an ounce in Asia, against $688.90/689.40 in New York on Monday, when it matched Friday's 11-month high of $693.60.

"The market is just building a base around here, trying to gain some strength for the next move higher and break $700, but definitely we would need some catalyst," Frederic Panizzutti, metals analyst at MKS Finance, said.

"The market remains positive and bullish, but we would just need some signal to move higher. And definitely we expect this to come from the dollar," he added.

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