Gold firmer

LONDON, Jan 16: Gold prices rose in European trading on Wednesday, amid short-covering ahead of the Bank of England auction later today, traders said.

Spot gold swiftly sprang over $4.00 as the market focused on the auction, when another 20-tonne tranche will be offered. The sale is the penultimate in a series begun in 1999 under the BoE’s programme to cut UK gold reserves to 300 tonnes from 715.

Traders said market speculation of at least one large bid at the auction was helping to boost prices.—Reuters

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