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Gold Prices Rise On Positive European Data

January 17, 2012 by  

Gold Prices Rise On Positive European Data

The price of gold rose to its highest level in five weeks as German economic data boosted the euro and Chinese trade data helped to push commodities skyward, according to Reuters.

CNN reported that the price of gold for February delivery, the most actively traded contract, rose $30.00 to $1,660.80 on the New York Mercantile Exchange, an increase of 1.84 percent for the commodity.

Reuters reported that gold prices are up 6.3 percent this year, and the recent rise is the highest level that has been reached for the metal since December 13, 2011.

“Interest came back in really at the start of the year,” Hayden Atkins, an analyst for Macquarie, told the news outlet. “That rally, from where it was looking pretty dicey into year-end, has been a reinvigoration of interest. Now (it is taking) any excuse to trade up. The interest is already there.”

A positive Chinese economic report helped to push commodities up during trading, and positive German business sentiment also supported this increase.

Gold may set a record high above $2,000 an ounce in late 2012 or early 2013, metals consultancy GFMS told Reuters.

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