Gold Market Takes a Breather

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Gold, which roared to a record high of $914 an ounce on Monday, is expected to trade in a range of $870 to $900 an ounce, with movements in the currency, energy and stock markets likely to provide direction.

Gold bounced from a one-week low on Friday, catching its breath after this week's heady climb to a record high above $900 (U.S.) an ounce, but the market could consolidate before charging higher again, analysts said.

All eyes were on a U.S. Federal Reserve meeting on interest rates Jan. 29-30 after Chairman Ben Bernanke told a congressional committee more rate cuts might be required as the economic outlook worsened...

“Gold is consolidating after touching recent highs,” said Christoph Eibl, head of trading at Tiberius Asset Management, noting that there had been some investor selling of gold held in exchange-traded funds...

Gold, which roared to a record high of $914 an ounce on Monday, is expected to trade in a range of $870 to $900 an ounce, with movements in the currency, energy and stock markets likely to provide direction.

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