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Gold rises on euro zone jitters, ETF flow eyed

Posted on 13 March 2013

Gold rose nearly 1 percent on Tuesday after a top European Central Bank official said the euro zone crisis was not over, but the metal remained vulnerable as redemptions in gold-backed exchange-traded funds continued, analysts said.
Bundesbank’s chief Jens Weidmann, also a member of the ECB Governing Council, also said the German central bank had set aside billions more euros against what it deemed risky ECB moves. The metal briefly rose to almost $1,600 an ounce, a near two-week high. Last week, it had found support in an area near $1,560 an ounce, weighed down by an equities rally and an improving U.S. economic outlook. ……………………………………….Full Article: Source


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