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Gold Still Lacking Footing, But Steadies for Slight Weekly Gain

By Barani Krishnan

Investing.com -- Gold longs haven’t been able to crawl out of the mid-$1,600 hole they fell into a month ago.

But after a wretched week last week that proved to be its worst in two months, the yellow metal managed a positive showing this week, although its gain itself was tiny.

Gold’s benchmark futures contract on New York’s Comex, December, settled Friday’s trade at $1,656.30 an ounce, up $19.50, or 1.2%, on the day. For the week, it gained $7.40, or 0.5%.

Last week, December gold lost just over $60, or 3.5%.

The spot price of bullion, which is more closely followed than futures by some traders, was at $1,654.24 by 15:00 ET (19:00 GMT).

“Gold’s line in the sand was the $1,620 level and it seems prices are getting safely further away,” said Ed Moya, analyst at online trading platform OANDA.

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