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http://goldprice.org/
By MATT DAY
NEW YORK—Gold futures edged higher, settling at the highest price in three weeks as investors continued to warm to the precious metal after December's losses.
The most actively traded gold contract, for February delivery, rose $7.40, or 0.5%, to settle at $1,620.10 a troy ounce on the Comex division of the New York Mercantile Exchange, the highest settlement since Dec. 13 and the fourth consecutive session of gains.
"People who were jittery about owning gold probably (cashed out) at the end of 2011," said Adam Klopfenstein, a market strategist with Archer Financial Services. "At these (price) levels, it's regaining a little more investor interest."
Gold prices slumped 10% in December, as some money managers preferred to end the year holding cash instead of precious metals. Worries about a potential financial crisis in Europe led investors turn to the flexibility of the U.S. dollar for safety.
The metal was also supported Thursday as investors sought gold to shield their wealth from political upheaval as debate continued in Europe over a potential oil embargo against Iran.
Iran has threatened to block a key oil-trade choke point at the mouth of the Persian Gulf if Europe goes ahead with sanctions targeting the country's suspected nuclear weapons program.
Many analysts are sticking to their bullish outlook for gold in 2012 on expectations that strain in the global financial system and high levels of developed-world debt will boost the metal's appeal as an alternative asset.
"Gold should ultimately benefit from any negative global economic conditions," HSBC analyst James Steel said in a note.
HSBC and Barclays Capital both reduced 2012 gold-price forecasts Thursday, but held to expectations for rising prices this year.
HSBC cut its outlook by 9%, to $1,850 a troy ounce. Barclays cut its estimate by 6% from a November forecast, to $1,875 an ounce.
The investment banks cited moves by financial institutions to pare their debt, an uncertain outlook for physical gold demand and recent investor preference for the U.S. dollar above other assets, among other potential headwinds to the market.
Investor clamor for the dollar has taken some of the shine off of gold in recent months, as strength in that currency made dollar-denominated gold more expensive for buyers using other currencies.
"As long as confidence in the [euro zone] is being undermined, we could see a strengthening dollar cut into any upside for precious metals," said Marc Ground, an analyst with Standard Bank, in a note.
The euro was at about $1.278 at the close of Comex gold floor trading, versus $1.2944 late Wednesday in New York.
http://online.wsj.com/article/SB10001424052970203513604577142560118896858.html
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