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Gold prices rose on a background of a small restoration of the euro, which boosted demand for precious metals, closing short positions could lead to further price increases.
Euro has recovered from a minimum of four months against the dollar, reached in earlytrading Friday, a little softened downward pressure on gold, however, confidence in the currency remains weak.
Since the beginning of the crisis the ratio of gold to an increased risk of rejection was pretty shaky. Last year, gold rose to record levels, partly because investors bought the precious metal as a safe asset, but after the U.S. dollar and government bonds also regained its position, gold prices slipped after the euro.
However, the fall in gold prices to new lows in January attracted investors.
The cost of the June gold futures on the COMEX today rose to a high of $ 1597.5 per ounce.
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