Gold Ends Weekend Over $900 Again

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Our one-month target has been $920," said Suki Cooper, precious metals analyst at Barclays Capital. "We see prices trading in consolidation mode with an upside bias. It's questionable whether prices currently have the momentum to make a sustained move higher."

Gold jumped to its highest level in three weeks above $900 an ounce on Friday after oil struck another record and the dollar dropped against the euro. Platinum also rallied ahead of the release of a report on the supply and demand outlook from refiner Johnson Matthey.

Spot gold hit a high of $904.30 an ounce, up from $881.55/882.75 late in New York on Thursday, but was still well below a lifetime high of $1,030.80 an ounce hit on March 17.

"Our one-month target has been $920," said Suki Cooper, precious metals analyst at Barclays Capital. "We see prices trading in consolidation mode with an upside bias. It's questionable whether prices currently have the momentum to make a sustained move higher."

The most active June gold futures contract on the COMEX division of the New York Mercantile Exchange added $22.9 to $902.9 an ounce.

"It is up on the back of the euro/dollar and weak consumer sentiment," analyst Michael Widmer at Lehman Brothers said. "If we stay above $900 at the Friday close, that would givesome support for gold."

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