Gold Steadies Near Highs

Source:

A breach of important technical levels was also expected to accelerate the upward movement, but trading was likely to be subdued ahead of the Independence Day holiday on Wednesday, when U.S. financial markets will be closed.

Gold steadied today to trade just below a two-week high and was likely to gather strength on a further drop in the dollar and security worries, traders said.

A breach of important technical levels was also expected to accelerate the upward movement, but trading was likely to be subdued ahead of the Independence Day holiday on Wednesday, when U.S. financial markets will be closed.

"The geopolitical environment is supporting prices at the moment and it could potentially spark prices higher," said Suki Cooper, precious metals analyst at Barclays Capital.

"In the very short term, there is a slight bias on the upside, but prices would probably dip in the lower-demand months of July and August and pick up in September."

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