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Gold price consolidate as safe haven status wanes

Posted on 29 May 2015

The gold price was steady on Thursday, as dollar strength continued to cap gains and the yellow metal remained under the psychologically important $1,200 level. Spot gold was last at $1,188.80/1,189.50 per ounce, a $1.10 increase on the previous day’s close, as the metal was content to tread in well-worn ranges.
“Overall, we feel that a long-term base is being formed here, paving the way for the next bull leg in the super-cycle; but current conditions favour a slip to the lower end of the range,” Triland said in a note. Meanwhile, the metal’s status as a safe haven asset waned today amid renewed optimism over Greece staying in the eurozone…………………………………Full Article: Source


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