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Gold dips slightly on European concerns


08:38, November 27, 2012

CHICAGO, Nov. 26 (Xinhua) -- Gold futures on the COMEX division of the New York Mercantile Exchange fell slightly Monday on the uncertainty in Europe.

The most active gold contract for December delivery dropped 1.8 dollars, or 0.1 percent, to settle at 1,749.6 dollars per ounce.

The uncertainty in Europe remained the top concern of investors Monday, when euro-zone finance ministers met to discuss the next tranche of bailout money for Greece. Officials attending the meeting disclosed that the European Central Bank is considering new ways to help reduce Greece's funding gap by using the Greek debt in its investment portfolios.

On this uncertainty, the dollar gained against the euro, and the dollar index, a gauge of the greenback against a basket of other currencies rose to 80.258 from 80.19 Friday, dampening gold slightly.

Besides, the U.S. is scheduled to release a series of economic data this week: the consumer confidence index Tuesday and the GDP report Thursday, which somehow halted investors' pace of investment.

Market analysts, nevertheless, are positive about gold market, holding that the fundamentals for a bullish gold market still exist, as it is easy for investors to buy safe-haven gold amid the Gaza conflict in the Middle East, the uncertainty in Europe and the U.S. fiscal cliff.

Silver for December delivery added 2.1 cents, or 0.06 percent, to close at 34.137 dollars per ounce. Platinum for January delivery lost 6.1 dollars, or 0.38 percent, to close at 1,611 dollars per ounce.

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