Gold rises as past gains lure buyers


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12 مارس 2007
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By Laura Mandaro and Deborah Levine, MarketWatch
SAN FRANCISCO (MarketWatch) — Gold and other metals rallied Monday, likely helped by money managers’ demand for investments that have already posted steep gains, and could be poised for a new break higher.
“During this period of window-dressing we will see more support from the investment side, not only from new investors but also from ones that have been involved,” said Eugen Weinberg, head of commodities research at Commerzbank in Frankfurt.
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Gold for February delivery /quotes/comstock/21e!f:gc\g11 (GCG11 1,386, +7.00, +0.51%) traded up $4.50, or 0.3%, to $1,383.70 an ounce, after earlier rising as high as $1,388.90 an ounce.
The precious metal fell 0.4% last week but is still up 25% this year after touching a record high above $1,400 an ounce. Read about gold last week.
Weinberg said he anticipates more demand for gold for the latter part of the month and into the new year as portfolio managers take some of their year-end profits and buy assets that have been gaining, to burnish their quarterly performance in what’s known as year-end “window dressing.” Gold should also benefit as managers make new allocations into the commodities sector.
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