Edel Tully News
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Hedge funds raised bets on a gold rally by the most in two months as the U.S. economy expanded less than previously estimated, boosting speculation the Federal Reserve will maintain the pace of stimulus.
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New investors are coming into gold market for the first time in three months, according to UBS AG.
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Gold futures rose as Europe’s mounting fiscal woes boosted the appeal of precious metals as a haven. Silver prices climbed 2 percent.
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Gold rose for the first time in three days in London on Bangladesh’s purchase of 10 metric tons of bullion from the International Monetary Fund and on speculation that the earlier declines will spur physical demand.
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The Standard & Poor’s GSCI gauge of 24 commodities increased 0.2 percent to 703.01 at 4:41 p.m. in New York. Metals and crude oil lead the gains. Wheat was the biggest decliner.
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Gold may gain for a second day in New York as concern about Europe’s sovereign-debt crisis and slowing economic growth spur demand for the metal as an alternative investment.
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Gold declined in London as the dollar strengthened after North and South Korea exchanged artillery fire. Other precious metals dropped, led by palladium.
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Gold futures fell for the second straight day on optimism that policy makers in Europe are moving closer to resolving the region’s debt woes, cutting demand for the precious metal as a haven.
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Central banks withdrew about 632 metric tons of gold from deposits at the Bank for International Settlements in the year ended March 31, the most in at least eight years.
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Gold futures rose to the highest in two weeks on demand for a haven as the European Union moved closer to halting oil purchases from Iran, stepping up the confrontation over the Islamic republic’s nuclear program.
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