Gold bounces back from biggest weekly drop for a year

Gold bounces back from biggest weekly drop for a year
 

The rebound also came as Chinese buyers returned after the Golden Week holiday.
The metal slid 4.5 percent last week, touching a four-month low of £1002.13 ($1,241.20) an ounce on Friday, after a break of support at £1,500 ($1,300) unleashed a wave of technically-driven selling.
It has since recovered as traders weigh up the timing of an US interest rate hike this year after payrolls data on Friday came in softer than expected, bolstering expectations that hikes would only be gradual.
Spot gold was up 0.3 percent at £1017.83 ($1,260.64) an ounce at lunchtime while US gold futures for... read more

 
10 October 2016 in Business, Views: 41
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