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  • Gold rebounds as China consumption helps cap bullion losses



    Gold rebounded on Friday recovering from a three-year low hit in the previous session as lower prices attracted buyers in Asia, particularly China. However, gold is still set for its worst week since September 2010 after the Federal Reserve said it would curb stimulus.

    As of (09:22 GMT+3), gold for immediate delivery rose 0.46% or 5.89 points on Friday to trade at $ 1,297.28 an ounce after opening at $1,278.88, having earlier hit a high of $1,298.66, and a low of $1,269.43.

    Losses in gold prices extended into the Asian session on Friday, with the precious metal falling to as low as $1,269 on Friday. However, Buyers in China, the second largest gold consumer, pared gold`s losses, yet sentiment remains weak amid concerns of slowing U.S. stimulus, which has supported gold prices since 2008.

    Gold for immediate delivery plunged on Thursday to its lowest since September 2010, along with other commodities and global stock markets. The sell-off began after Fed chairman Ben Bernanke again suggested that U.S. economic growth was strong enough to begin tapering back on its $85 billion in monthly asset purchases later this year.

    In a press conference following rate decision on Wednesday, Fed’s Chairman Ben Bernanke said the central bank may reduce the pace of bond purchases modestly later in 2013, and may end the purchases around mid-2014.

    Other precious metals:

    - Silver fell 0.28% to trade around $ 19.88

    - Platinum gained 0.23% to $ 1370.50

    - Palladium rose 1.68% down to $ 675.75

    Meanwhile, markets had additional woes on Friday after Data also showed China`s economy slowing down amid growing concerns that a credit crunch in China is worsening. A survey released on Thursday on China`s factories showed activity slumped to a nine-month low just as a squeeze in the nation`s money markets sent short term rates to record highs.

    Holdings in the SPDR Gold Trust, the world`s largest gold-backed exchange-traded fund, fell 0.4 percent to 995.35 tons on Thursday - the lowest in more than four years.


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