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| Sahit Muja: US, Gold |
China celebrated its new year with fireworks to welcome the Year of the Dragon.
The dragon is supposed to bring luck in wealth so gold has become very popular commodity in China.
China overtook India as the world's biggest gold jewelery buyers in late 2011.
China's new year means the giving of gifts but as the dragon, the only mythical animal in the Chinese zodiac, is associated with wealth, this year many people are giving gold instead of the more traditional gifts.
Gold prices jumped to on Monday and futures rose on buying from investors.
Investors are also waiting for euro zone ministers to decide
later in the day what terms of a Greek debt restructuring they
are ready to accept as part of a second bailout package for
Athens.
are ready to accept as part of a second bailout package for
Athens.
Gold rose 0.75 percent to $1,670.18 an ounce by 0558
GMT as gains on Tokyo futures spilled into the cash market after
hitting a high of $1,672.89, its strongest since mid-December.
GMT as gains on Tokyo futures spilled into the cash market after
hitting a high of $1,672.89, its strongest since mid-December.
Gold has risen more than 6 percent so far this year, but
stayed below a lifetime high of around $1,920 hit last
September.
stayed below a lifetime high of around $1,920 hit last
September.
Albanian Mineralsis investing in gold mining:
The price of gold has consistently increased at a rate that defies inflation, making it an excellent vehicle for protecting your investment portfolio.
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