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Gold has somewhat compensated for losses incurred on Friday due to the lowering of the rating agency Standard & Poor's ratings of nine of the 17 eurozone countries, which deprived France and Austria the highest ratings.
Demand for gold jewelry in India - one of the world's largest gold markets - rose by 5-7 percent in 2011 and will grow by 10-15 percent this year due to lower gold prices, said the head of one of the largest retail companies in India sales of jewelry.
In Italy, Europe's largest exporter of gold jewelry, sales fell sharply in 2011 and remain low in 2012, so as to affect demand for the debt crisis and government measures to strengthen the economy, according to senior industry representatives.
Gold for February deliveries in today's trading increased to $1648.0 per ounce.
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