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Comex gold hits 7-week low
MARCH 19: COMEX gold was pushed down to a seven-week low under $285 an ounce in early business on Friday as longs cleared the decks and made room for the 25 tonnes of British gold reserves to be auctioned on Tuesday, dealers said. Hedge fund selling in the June contract helped drive April gold down to a low of $283.60, its cheapest since January 28. At 0921 EST, April was at $284.40, down $2.50."There might be some support around $283 and for sure you will see support around $280," said a COMEX floor broker. "It looks like some long liquidation is going on. You had some big producer buying yesterday, but today we are not seeing that much." Spot gold was quoted at $283.40/4.40, down from Thursday's close at $286.00/7.00 and London's early fix at $285.50. Gold took out support around $288 on last Thursday, in advance of the March 21 UK bullion sale. Copyright © 2000 Indian Express Newspapers (Bombay) Ltd.
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