Gold bounces off 6-month low, jewellers buy

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Gold has been under pressure from technical selling and gains in the US currency. (Ruters) Gold has been under pressure from technical selling and gains in the US currency. (Ruters)
SummaryGold has been under pressure from technical selling and gains in the US currency.

30.1, on the threshold of oversold and it's lowest in a year," said ANZ in a report.

"The current spell of weakness adds to the risks that we may undershoot our Q1 forecast of $1,730, especially if physical buyers hold back on expectations of further falls."

A raft of business surveys this week will be combed over for confirmation of hopes that a dire fourth quarter of 2012 marked the cyclical trough for the world economy.

Major powers plan to offer to ease sanctions barring trade in gold and other precious metals with Iran in return for Iranian steps to shut down the nation's newly expanded Fordow uranium enrichment plant, Western officials said on Friday.

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