LONDON, Dec 28: Gold held its firm tone in Europe to touch a two-week high in thin trade on Wednesday, with funds and investors seen pushing the market higher in 2006, dealers said.
The metal jumped 4.4 per cent in a week to cross a key level of $510 an ounce on Wednesday, but might face resistance from buyers above $515 in the near term, they said.
Gold might target this month’s near-25-year high of $540.90 early next year.
The market is going to stay pretty thin in the coming days. I think we are going to stay above $500, said James Moore, precious metals analyst at TheBulliondesk.com.—Reuters
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