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Gold continues upward as floor trading reopens

(Xinhua)

13:38, November 01, 2012

Gold futures on the COMEX division of the New York Mercantile Exchange reaped a bigger gain Wednesday than the previous day, as floor trading reopened after two-day closure when superstorm Sandy hit the US east coast.

The most active gold contract for December delivery gained 7 dollars, or 0.41 percent, to settle at 1,719.1 dollars per ounce.

Gold futures has climbed to the week high as the dollar further dropped against a basket of currencies.

The rise in demand for gold has also boosted gold prices. Market analysts hold that investors are likely to increase their gold holding amid the uncertainty pending the US presidential election next week.

On Wednesday, Greek parliament passed a privatization bill as part of an austerity and reform drive aiming to lift Greece out of an acute debt crisis, lending some hope to Greece's meeting the bailout targets, which is also positive for gold.

But, gold prices are unlikely to break the narrow trading range spell of 1,700 US dollars to 1,720 US dollars until Friday, when the jobs data is to be released, market analysts hold.

Despite the price rises in the past two days, gold closed October with a loss of 3.1 percent, marking the precious metal's first monthly decline since May.

The USstock markets ended in losses Wednesday.

Silver for December delivery gained 50 cents, or 1.57 percent, to close at 32.316 dollars per ounce.

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