Friday, 30 December 2016

Gold Firms, set to Break Three-year losing Streak

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Gold was set to rise more than 9 percent in 2016, its first annual gain in four years, edging higher in the final trading session of the year on Friday on the back of a weaker dollar. 

Spot gold was up 0.1 percent at $1,159.36 an ounce by 0325 GMT, having earlier hit a more than two-week high of $1,163.14 an ounce. The metal rose over one percent in the previous session, its biggest daily percentage gain since late September. 

Gold has added more than 9 percent so far this year despite a steep fall in November, following three successive years of losses. "Gold made robust gains as demand surged during the periods of economic and political uncertainty until the third quarter," said Mihir Kapadia, CEO of London-based Sun Global Investments Ltd. 

The safe haven asset was poised to register its best weekly gains since early June, having risen about 2.5 percent this week. However, it is still down nearly one percent in December, and about 12 percent this quarter.


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