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Gold rises first day in four on belief it was oversold

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Moming Zhou
MarketWatch
Saturday, Oct 25, 2008

Gold futures reversed losses Friday, closing up more than 2% on speculation that the precious metal, losing more than $190 in the previous 11 sessions, has been oversold. Copper and other metals, however, ended mostly lower.

Gold had fallen in 10 out of the past 11 sessions since Oct. 8 on fund liquidation and a firmer dollar. It dropped to $681 earlier Friday, the lowest level since September, 2007.

“Gold’s sell-offs have been sharp and brutal and it is clearly very oversold,” said Mark O’Byrne, executive director at Gold and Silver investment.

(Article continues below)

Gold rises first day in four on belief it was oversold  161008pptv1

Gold for December delivery closed up $15.60, or 2.2%, at $730.30 an ounce on the Comex division of the New York Mercantile Exchange. Despite the gain, the metal fell 7.3% this week.

Gold’s earlier losses came amid sharp declines in global stock markets. Similarly, crude-oil futures slumped more than 5% as OPEC’s production cuts failed to offset concerns that the global economic slowdown is dampening oil demand.

This article was posted: Saturday, October 25, 2008 at 4:32 am





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