Saxo Bank says gold is likely to trade in a
$1,605-$1,680 a troy ounce range near term, according to technical analysis; it
notes investor sentiment towards gold has improved since the start of the year,
and that Chinese demand is helping support the yellow metal's price. "What is
so significant about Chinese buying is that the metal can't leave the country
as it is not permissible to export gold," the house says in a report. China's
gold imports from Hong Kong rose to 102,799 kgs in November from 86,299 kgs in
October, analysts said last week. Spot gold is trading at $1,637.70/oz, down
$2.00 from its previous close but 4.8% higher since the start of the
year.
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