Gold Gains After Fifth Monthly Drop
Gold advanced today on speculations that recent losses made the metal more attractive to investors. The precious metal posted the fifth monthly drop, the longest stretch of losses since 1997.
Prices for gold slumped as much as 5.1 percent in February as traders preferred the dollar as a safe asset. Investment holdings slid 4.2 percent.
Not everything is lost for gold though. Central bank of the United States and Europe indicated that they are going to continue their quantitative easing programs. Experts said that this means higher demand for the metal from the banks. Additionally, the current low price of gold made it even more attractive.
April futures for delivery of gold advanced $1.20 to $1,577.30 per troy ounce as of 4:01 GMT on COMEX today.
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