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Gold rises slightly on higher holding by central banks


09:43, November 22, 2012

CHICAGO, Nov. 21 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange rose slightly Wednesday on higher holding by central banks of emerging countries.

The most active gold contract for December delivery rose 4.6 dollars, or 0.27 percent, to settle at 1,728.2 dollars per ounce.

A report that the central banks of emerging countries have increased their holdings of gold in October to minimize the risks resulting from the governments' easing measures is a major factor boosting gold Wednesday.

According to statistics provided by the International Monetary Fund (IMF), the central banks of emerging countries bought 40 tons of gold in October, and the buying of gold in 2012 will probably exceed their record buying of 457 tons in 2011.

Investors certainly have other concerns: the uncertainty in the euro-zone and the coming fiscal cliff in the U.S..

Finance ministers in Europe failed to agree on conditions to grant Greece its next tranche of aid. They will meet Monday to resume negotiations.

The U.S fiscal cliff is another weight on the minds of investors, as they feared that the problem would not be so easy to resolve as it seemed. Besides, any conciliatory agreement could lead to a inflationary rally, which would boost gold prices.

COMEX floor trading will close Thursday for the Thanksgiving holiday and open Friday.

Silver for December delivery added 42 cents, or 1.28 percent, to close at 33.35 dollars per ounce. Platinum for January delivery gained 10.9 dollars, or 0.69 percent, to close at 1,583.9 dollars per ounce.

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