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14-Apr2011

Gold Prices Advance After Two Straight Sessions Of Decline

Gold prices advanced on Wednesday after two straight sessions of decline as investors resorted to bargain buying after Fed`s Beige Book report which highlighted that higher raw material and energy costs are pushing the price pressures to uncomfortable levels. However, gains in the yellow metal remained capped because of the spike in the US greenback against a basket of currencies which blunted gold investment demand.

Gold futures for April delivery settled $2 higher at $1,455.60 an ounce on the Comex division of the New York Mercantile Exchange, whereas the spot gold prices added $3.70 to $1,457.40 an ounce.

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