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Gold rises to 3-month high above $1,300

February 14, 2014

Spot gold hit three-month highs on Friday and looked set to post its biggest weekly gain in six months as more weak US data raised fears about economic growth, hurting the dollar.

Spot gold rose to its highest since November 8 at $1,312.40 earlier in the session, and was up 0.8 per cent to $1,311.90 an ounce by 1112 GMT. It is up around four per cent for the week - the largest such gain since mid-August.

US gold futures for April delivery also hit three-month peaks of $1,312.70, climbing for an eighth straight session - the longest winning streak since July 2011.

"Gold has gone through a couple of important levels at $1,270 and $1,300 and if it manages to close around $1,310 we might look for some further gains to be made, although it could drop back, as it is looking a bit toppy on the RSI," Mitsubishi analyst Jonathan Butler said.

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Source: Khaleej Times (United Arab Emirates)

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