Gold Futures Post a Modest Gain, Close Below $680

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Even so, "the gold bears have thrown everything at gold including the kitchen sink, but can only get it to bend," said Peter Grandich, editor of the Grandich Letter, in emailed comments. "At the end of the day, gold is the ultimate currency and that's why we see great physical demand despite an obvious capping of gold by the bears."

Gold futures posted a modest gain Thursday, closing below $680 an ounce for a sixth session in a row as traders remained cautious against a backdrop of recent credit-related jitters on global equity markets. "Bullion prices spent the day in a decidedly undecided mode and were trapped in a six-dollar range as well as marked by lackluster participation," said Jon Nadler, an analyst at Kitco Bullion Dealers, in a note to clients.

Gold for December delivery tacked on 70 cents to close at $676.60 an ounce on the New York Mercantile Exchange, retreating a bit from an earlier high of $678.80. The contract hasn't been able to close above $680 since July 25. Even so, "the gold bears have thrown everything at gold including the kitchen sink, but can only get it to bend," said Peter Grandich, editor of the Grandich Letter, in emailed comments. "At the end of the day, gold is the ultimate currency and that's why we see great physical demand despite an obvious capping of gold by the bears."

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